EasySend, an Israeli no-code AI-powered platform transforming manual processes into digital journeys, raised $16m in funding. In conjunction with the announcement, CEO Tal Daskal answered our questions about the company, their achievements, the funding and future plans.
FinSMEs: Can you tell us a bit more about you. What’s your background?
Daskal: My name is Tal Daskal, and I’m the CEO and Co-Founder of EasySend, a SaaS company based in Tel Aviv, New York, and EMEA. After working at one of the largest insurance companies in Israel, I saw first-hand the extent of the problem that paperwork and manual processes create in insurance – and with that, EasySend began. I’m an expert on all things digital transformation in banking and insurance, and I’m a passionate advocate for the paradigm shift towards no-code application development in the financial sector.
FinSMEs: Let’s speak about the company. Which is the market problem do you want to solve? Which is the real opportunity?
Daskal: Large enterprises such as insurance companies and financial institutions, who traditionally rely on paperwork to support core business processes, are struggling to keep up with the demand for digital transformation which has intensified since COVID-19. Utilizing PDF forms and other manual processes are not only more likely to lead to human error and poor customer service, but they are also static processes that fall short of analyzing and optimizing the customer form completion experience. Today, many enterprises that digitize their operations hire a team of developers to do the job, which not only takes months, but is also costly. Beyond that, once enterprises in the heavily regulated financial services, banking and insurance industries go digital, they struggle to ensure that all their sales are signed, recorded, and stored in a safe and efficient manner.
EasySend – a fully no-code platform –is leading the charge for a digital future by helping companies transform paperwork, such as PDFs, into digital journeys, allowing them to create online forms in minutes with a click of a button – without a single line of code. The company takes lengthy, complicated forms and automatically transforms them into amazing digital journeys that can be completed on any device. Using real-time advanced analytics, companies that go digital with EasySend gain full visibility into their customers’ workflow activities and behaviors. Companies can easily identify where their customers dropped out of workflows so that they can optimize their form completion rates, drive revenue growth as well as enhance customer experience and satisfaction rates.
EasySend makes it possible for any manual process to be converted into a digital journey by non-technical staff via a simple drag and drop interface. Journeys can include everything in a financial services process: legally binding eSignatures, files and attachment uploads, and data validations to ensure accuracy – which is all protected under the highest security and compliance standards in the market. With an innovative no-code development platform, EasySend empowers enterprises to deliver new digital products faster and improve their customer experience at a fraction of the cost. Banks and insurance companies can quickly convert and digitize dozens of paper forms and cumbersome PDFs (including claims, policy issuance, customer onboarding, document submission, and remote servicing) into beautiful and compliant eForms that prioritize customer experience.
FinSMEs: How does it work? Which are the main features?
Daskal: There are three main features – the platform, known as the Builder, Kadabra AI, and the eSignature tool. As the name suggests, the Builder builds enterprises’ digital journeys – it’s a no-code, user-friendly, drag-and-drop platform that makes it all possible. EasySend’s proprietary Kadabra AI is an easy-to-use, AI tool that converts paperwork-based processes and PDFs – by recognizing forms’ structure and fields – into digital customer journeys in a matter of minutes. To add to that, EasySend’s end-to-end digital experience solution is complete with qualified, legally binding eSignatures. Whether it’s the issuance of a new policy, the setup of an account, or any other electronic transaction, EasySend makes it easy, intuitive, and secure to sign off on a document.
FinSMEs: What are the features differentiating the product from competitors?
Daskal: EasySend is the only no-code platform in the market for building and optimizing digital customer journeys in the insurance and banking sectors. Our focus is not only to digitize existing manual processes, but to take that one step further and to build optimized digital journeys that impact enterprises’ bottom line.
EasySend is a comprehensive solution to all customer-facing challenges. We transform the way that insurers communicate with their customers from the bottom up, empowering true digital transformation and agility in a traditionally slow-moving space.
With a simple to use, no-code builder, EasySend enables business users without technical knowledge to quickly build digital customer journeys without having to resort to lengthy and expensive development projects that strain internal resources. EasySend’s data visibility and optimization tools help business users continuously improve ROI of digital channels and boost efficiency, customer satisfaction, and revenue.
In the current environment, insurers are forced to go from having no digital customer support solution to migrating everything online with never-before-seen urgency. EasySend’s no-code solution is uniquely positioned to help financial enterprises achieve just that.
FinSMEs: You just raised a new funding round. Please, tell us something more about it…
Daskal: We just completed an $11 million Series A round led by Hanaco and Intel Capital. The investment follows a previously undisclosed $5 million Seed round from existing investors Vertex Ventures and Menora Insurance.
We raised our Series A funding amidst the Coronavirus pandemic within just two months after starting the fundraising process – which just goes to show the current need and desire for secure, efficient and easy to use digital processes. We plan to use the investment to expand our operations in the United States, as well as broaden our verticals, such as government, telecom, medicine, and more.
FinSMEs: Can you share some numbers and achievements of your business(clients/partnerships/employees)?
Daskal: We currently have offices in Israel, New York, and Germany where we have over 50 employees. We expect to reach over 100 employees by 2021. We have over 40 enterprise customers worldwide such as Petplan and R+V Versicherung and a partnership with SAP, Amdocs, Capgemini, and Deloitte.
FinSMEs: What’s your medium-term plans?
Daskal: After achieving 90% market share in the Israeli financial services market, we are now actively expanding in the United States, EMEA, and APAC. Our roadmap includes strengthening the three pillars of our solution:
Build – a no-code platform for building digital journeys
Optimize – data-rich dashboards, insights, and analytics to bring visibility into the chaotic world of digital transformation
Integrate – launching a marketplace and strengthening our integrations capability