PRESS RELEASE: Brisbane's best-kept tech secret, Codafication, started with a $1 million personal investment by co-founders Dan Sandaver and Drew Butler five years ago. As we head further into 2021, Codafication is valued at approximately $30 million, have tripled their staff, and are partners with some of the biggest names in technology such as Microsoft and Amazon Web Services.
Codafication offers software solutions for insurers, brokers, and their supply chains, working with some of Australia's biggest names in insurance, including Aon, Suncorp, IAG, QBE, Youi, and Auto and General. To date, the self-funded start-up has saved the industry over $55 million by digitising manual processes and providing transparency to end users.
Their 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. While their newest release Crunchwork is an end-to-end project and business management platform to optimise the entire insurance supply chain.
From automating manual processes and streamlining communication, to tracking tasks and vendor management, Crunchwork is revolutionising the claims processing lifecycle. It automates up to 80% of a team member's day and can speed up the insurance claim life cycle by up to 2 weeks. This means insurers can drive results for customers sooner, especially during extreme weather events such as bushfires, hailstorms, or floods.
Crunchwork is already saving time and driving profits for Codafication's sister business, Australian Building & Construction Group, an insurance repairs company. ABC Group powers through a high volume of claims annually and has a network of over 1,000 contractors.
"With ABC Group, processing 200 claims a day used to be a challenge," said co-founder of Codafication and ABC Group, Dan 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"
Mr. 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.
"The success of our first business Australian Building & Construction Group – which services the financial services industry – allowed us to facilitate the research and development required to start a tech company."
"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," said Mr. 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," he said.
"What's worked for Codafication is having a foundation that's built for agility and speed, combined with a solid vision and clear prioritisation. We don't jump on every whisper in the market. We stay true to our clients' needs and grow in a direction that services them."
"We're also proactive, always looking at new ways to innovate and strengthen our market position – it's not just about satisfying the latest trends, but anticipating what clients' will need in the next 5-10 years and beyond," he said.
Codafication continues to grow and will be welcoming a range of new staff in the coming weeks. The team are currently kicking off new projects with some of the biggest names in Australia, helping the insurance supply chain and large enterprises to rapidly transform their processes and drive results.