Brisbane insurtech Codafication plans to expand overseas amid stricter regulation of claims handling.  

Founder and MD Daniel Sandaver recently visited North America and talked with several insurers about problems meeting evolving regulatory standards. 

“Claims is a primary focus,” he told insuranceNEWS.com.au. “We’re excited around that step change in the narrative – from what it used to be 10 years ago to where it’s going.” 

Codafication won cloud platform Guidewire’s Insurtech Vanguards Pitch Day in 2024, and Mr Sandaver says that is creating opportunities locally and internationally.  

“We’re bolting on to Guidewire to help drive a lot of innovation downstream in claims and supply chain and cost management. That partnership is helping accelerate the growth of our business and creating a lot of exciting conversations,” he said.  

“Looking at North America, and also the UK and Europe, there’s a strong product market fit with what we’ve built back here in Australia and New Zealand.” 

Codafication counts Suncorp, QBE, IAG, RAA, Youi and Auto & General as customers.  

Its Crunchwork platform automates workflows and acts as a “control tower”, providing updates to all parties through the claims process. 

“We’ve built a strong brand and reputation ... That set us up for great success now, where we’re doing enterprise-level contracts that meet exacting security and data compliance,” Mr Sandaver  said.  

“We can take what we’ve built to other markets where similarly ...  there is movement towards better claim oversight and better customer service and better communication on the claim.” 

Mr Sandaver says when he started Codafication claims handling was “in the corner”, overshadowed by a focus on showing shareholders how technology could grow product lines and improve pricing.  

“I couldn't believe it ... Why was no one focusing on the expense bucket in claims, where you could save money through automation and efficiency and create better customer outcomes?” 

In recent years, large insurers have been optimising expense ratios and building better claims experiences, and claims is now “an exciting area”. 

“We’ve been fortunate that we started our journey at the right time to build out all of the product stack, and now it’s definitely coming in vogue as a core focus.”