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As a Brisbane-based tech company developing solutions for the insurance sector, Codafication has seen its valuation balloon to $30 million with growth spurred on by the pandemic's unintended effects on the industry.
The valuation is a big leap from where Codafication was just five years ago when founders Dan Sandaver and Drew Butler put up $1 million of their own money to start the business.
On the back of this COVID-induced growth the company has tripled its staff and is now partners with major technology names like Microsoft and Amazon Web Services.
This builds on already established partnerships with the likes of insurance companies Aon, Suncorp, IAG, QBE and Youi which all use Codafication's software solutions.
To date, the company says it has saved the insurance sector more than $55 million by digitising manual processes and providing transparency to end users.
Codafication's 'Virtual Assist' technology connects businesses to their customers instantly through video streaming, which is a key tool for many insurers to remotely triage claims amidst lockdowns and social distancing requirements.
Their newest release Crunchwork is an end-to-end project and business management platform to optimise the entire insurance supply chain.
Crunchwork is able to automate up to 80 per cent of a team member's day and can speed up the insurance claim life cycle by up to two weeks, meaning insurers can drive results for customers faster.
Sandaver says it's been an ongoing investment as they develop products and scale up, with positions in the team expanding from 15 to 50 over the COVID-19 pandemic period.
"For Codafication, the key to scaling has been solid product market fit. There was a clear problem, demand, and a solution that we could commercialise. We're still in the midst of scaling and refining our process, but the success we've found so far is due to strategic resource timing," says Sandaver.
"We've never relied on angel or seed funding, so there was no panic to get to an MVP or to keep the lights on. We didn't have to play the dangerous game of frantically building on a shoestring budget or jumping from funding round to funding round.
"We could take the time to really understand our clients and build something comprehensive."
Sandaver says Crunchwork is already saving time and driving profits for Codafication's sister business, Australian Building & Construction Group an insurance repairs company.
"With ABC Group, processing 200 claims a day used to be a challenge," says Sandaver.
"Since we switched to using Crunchwork to manage the entire workload, our team is easily processing 500+ actions each day. So we are confident in the software as it has been battle hardened and tested in the field with our own related businesses"
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