Bdeo and Mutua Madrileña: reinventing underwriting

Today, Bdeo's technology is already part of 50% of the car insurance underwriting processes in Spain. One of the first solutions we launched in this country was with one of the leading car insurance companies: Mutua Madrileña.

If you want to know the story, read on.

The challenge

Mutua Madrileña is characterized by a strategic digitalization plan and a strong commitment to be at the forefront of the insurance industry. As part of this commitment, the insurance company set out to improve the policyholder experience during the auto insurance underwriting process.

On average, it took a policyholder more than 5 days to sign up for an auto insurance policy.

From the time you looked at the policy that best suited you on the web until you signed the contract, you might have to interact with at least two people. First, you had to talk to an agent to get a price estimate for your policy. And then he had to wait for an appraiser to inspect the car.

Only once this process was completed could the user finally sign his contract.

But what if there was an underwriting process that allowed policyholders to take out their policy instantly? What if, thanks to a self-guided process, there was no need for an agent's intervention?

So Mutua Madrileña set its sights on optimizing the way they processed motor vehicle evaluations.

The solution

At Bdeo, we created for Mutua Madrileña the best instant policy underwriting process. The key: automated collection and verification of vehicle evidence.

Mutua Madrileña integrated Bdeo's self-guided image capture solution as part of its policy underwriting process. Thanks to this, policyholders are able to take images of their vehicles autonomously via their smartphone, thanks to a web application and without the need for downloads.

We use our Artificial Intelligence technology to detect pre-existing damage, prevent fraud and provide an insurance quote. In addition, our technology captures digital evidence of the vehicle's condition to create a unique fingerprint.

With an automated process, Bdeo completes manual tasks that would take an agent hours to complete, in seconds. This makes it easy for customers to get an instant price estimate for their policy, and they can be underwritten in minutes.

"We are transforming the policy underwriting process, taking it from days to minutes. With Bdeo, we can meet our policyholders' needs by providing them with an instant solution. In addition, this process optimization helps us reduce operating costs."

The results

If you want to read the complete case study, you can donwload it here.

For more information about Bdeo, check our content resources or ask for a demo today, we would love to meet you!