InsurTech EasySend has raised $16 million, and the startup will use the money to fuel a global expansion of its AI-based platform designed to help insurers and others digitize their processes without bugging their IT experts.
EasySend CEO and co-founder Tal Daskal said that the company’s premise comes in handy, especially during the ongoing COVID-19 pandemic.
“COVID-19 forced traditional enterprises to embrace digital transformation and digital culture at a pace and scale never seen before,” Daskal said in prepared remarks. “Our no-code platform is uniquely positioned to make this digital transition easier for enterprises from a wide range of industries – especially insurance and financial services …”
The Israeli-based company breaks down the cash infusion into two phases, including its newly concluded $11 million Series A round led by Hanaco, with participation from Intel Capital. EasySend also attracted a previous, unannounced $5 million seed round from existing investors Vertex Ventures and Menora Insurance.
Plans call for using the money for hiring, further product development and customer expansion in the U.S., Europe and Asia. EasySend launched in 2016. Headquarters are based in Tel Aviv, Israel but the company also has offices in the U.S. and Germany.
EasySend pitches its technology as something that can automate processes used by insurance, banking and other financial services for claims, policy issuance, bringing on new customers, document submission and remote servicing. The company claims its “no-code” AI-based platform digitizes those processes simply, without any coding required – allowing non-technical staff to operate it with “a simple drag and drop interface.” The idea is to free up IT teams from day-to-day maintenance issues, leaving other employees to develop new digital products themselves in a couple of days with a focus on customer service, EasySend said.
The company said it “works with leading financial institutions in the U.S.A., Israel, and Europe, including top insurance companies such as Petplan and R+V.”
In addition, EasySend announced two new appointments to its board of directors: Alon Lifshitz, founding partner, Hanaco, and Roi Bar-Kat, investment director, Intel Capital.