EasySend, a no-code automation platform provider focused on the financial industry, today announced it has raised $16 million. CEO Tal Daskal says the funds will enable the company to double its current staff, optimize product development, and expand its customer base.
Regulated industries like insurance and banking rely heavily on forms for processes such as claims, policy issuance, and customer onboarding. Perhaps unsurprisingly, this can lead to inefficiencies and data-entry errors. Employees spend 15% to 35% of their time searching for documents manually, according to an IDC study. And even if only 1% of entries are erroneous, if a document contains just 200 fields, manual entry could result in errors for almost every field.
EasyCode’s platform features a drag-and-drop editor with templates covering insurance, banking, and financial service use cases. It enables the building and deployment of digital customer journeys with responsive web designs, apps, widgets, and custom themes. Journeys are accessible through a range of channels, including websites, SMS, apps, remote servicing, call centers, and chatbots — without additional coding. And they integrate with backend systems like customer relationship management solutions, insurance and banking apps, and more via APIs and connectors.
For paper form conversion, EasyCode’s Kadabra AI platform automatically recognizes PDF structures and fields (e.g., titles, sections, texts, fields, multi choices) and generates a journey in about 10 minutes. Roles, rules, conditions, and permissions management ensure only authorized employees gain access to these converted documents.
EasySend offers a robust esignature solution that automates the bulk of the signature collection work. After uploading a PDF, users specify signers, assign roles and access rules, and mark up fields customers need to fill in. Users then define permissions and input types and choose whether to request attachments and any supplemental documentation.
EasyCode’s built-in analytics tools let managers create statistical report overviews of things like completion rates. From a dashboard, they can filter views by device, geography, date, journey, and trigger source and analyze data on the form, page, or field level. In addition, they can take advantage of EasySend’s auto-optimization toolkit to fine-tune processes based on observed behavior.
EasyCode is hardly the only company applying automation to historically manual processes. In January, Gabi raised $27 million in funding to expand into enterprise paperwork and document scanning. Earlier this summer, Candis nabbed nearly $14 million to automate accounting workflows with AI that imports files, extracts data, approves invoices, and handles exporting. There’s also Captricity, a startup acquired by SS&C that helped enterprises digitize their paperwork, faxes, scans, mobile phone photos, and handwritten documents.
Daskal, who’s unconcerned about the competition, says EasySend has over 40 customers in the U.S., Israel, and Europe, including large insurers like Petplan and R+V. “Enterprises, especially those in the insurance and financial services industries, have come to realize that the best way to gain a lasting advantage over their competitors — during COVID-19 and routine times — is to optimize their customer experience solutions,” he told VentureBeat via email. “Therefore, enterprises turn to EasySend when they’re ready to make even their most complex workflows simple and easy for both their employees and their customers.”
Hanaco led the $16 million funding round, with participation from Intel Capital. The investment includes a previously undisclosed $5 million seed round from existing investors Vertex Ventures and Menora Insurance, and follows the completion of an $11 million series A round. EasyCode plans to use it in part to expand its workforce from 50 employees to over 100 by 2021.