Insurtech Codafication says a conscious decision many years ago to build its Virtual Assist claims solution with the highest standard of data sovereignty and security boosted uptake by insurers when COVID struck and they needed help to process claims remotely.

Brisbane-based Codafication, co-founded by MD Daniel Sandaver five years ago, last week won the industry’s Insurtech of the Year award. Its Virtual Assist innovation allows firms, including Suncorp, IAG, Youi and Aon, to complete claims assessments via streaming and video triage without requiring a dedicated app.

“Data sovereignty and security is paramount,” Mr Sandaver told insuranceNEWS.com.au. “We could get the solution out quickly because we built it to very stringent enterprise and security controls. We can spin up the solution on private cloud technology which makes us different to the competitors.

“Customer data and how it is used is to the highest security standard. That helps remove barriers that would normally be prevalent in trying to implement new technology quickly,” he said, adding that other white label offerings not developed in Australia may host data overseas.

Virtual Assist allows insurance companies to send an SMS to a customer’s phone without a need to install apps and have user names and passwords.

Mr Sandaver says the solution is used across one in three insurance claims for some of the major insurers as even post-COVID, the technology slices two weeks from the insurance claim life cycle.

“Taking any pain out of the process for a customer is critical because no one wants to be involved in an insurance claim or take time out of their day to be at home,” he said.

Codafication is now researching opportunities in Singapore and potentially Europe, and is doing business with government agencies, asset management and the water industry, exploring the potential to apply the technology in industries beyond insurance.