Insurtech Codafication has provided a business update, saying it is now worth $30 million since it launched five years ago with just $1 million in funding from co-founders Dan Sandaver and Drew Butler.

The business is looking to build on the success with plans in progress for a number of new projects with some of the biggest insurance-related firms in Australia.

The projects will help the insurance supply chain and large enterprises to rapidly transform their processes and drive results, Codafication says.

"We've never relied on angel or seed funding… We didn't have to play the dangerous game of frantically building on a shoestring budget, or jumping from funding round to funding round,” Mr Sandaver said.

“We could take the time to really understand our clients and build something comprehensive.

“What's worked for Codafication is having a foundation that's built for agility and speed, combined with a solid vision and clear prioritisation.”

He says the business is constantly looking at new ways to innovate and strengthen its 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,” Mr Sandaver said.

Codafication says it has saved the industry more than $55 million digitising manual processes and providing transparency to end users.

The Brisbane-based insurtech counts Aon, Suncorp, IAG, QBE, Youi, and Auto & General among its clients.