Simplifai

Company Overview

Simplifai is an Artificial Intelligence company founded in 2017 by Bård Myrstad and Erik Leung. Headquartered in Oslo, Norway, with additional offices in India, the Netherlands, and Ukraine, Simplifai specializes in providing AI-powered solutions for insurance, banking, and other industries. The company’s mission is to optimize work processes and empower the future workforce through innovative AI technologies.

Products Overview

Simplifai offers a range of AI-driven solutions designed to automate and streamline various business processes:

1. Claims Intake: Automates manual tasks in the claims process, allowing businesses to scale without increasing staff.

2. Claims Processing: Increases operational efficiency while keeping costs low in insurance claims handling.

3. Customer Interaction: Provides fast and accurate 24/7 responses to customer inquiries.

4. Document Handling: Automates the sorting, categorization, and processing of documents.

5. Debt Collection: Uses AI to prioritize collections and tailor communication strategies for different debtor profiles.

6. Archiving: Employs AI for efficient categorization, indexing, and retrieval of documents.

The company’s AI Automation Platform eliminates inefficient processes, streamlines tasks, and enhances job satisfaction while providing consistent customer experiences. Simplifai’s solutions leverage robust Natural Language Processing (NLP) to interpret complex, unstructured written communications received through emails, documents, and chats.

Founding Team

Simplifai was co-founded by Bård Myrstad and Erik Leung:

• Bård Myrstad (Co-founder and CEO): Brings over 30 years of experience in the IT industry, with a background in technology consulting and software solutions management.

• Erik Leung (Co-founder and Product Visionary): Has more than two decades of experience in the IT industry, with expertise in making complex systems work more effectively and efficiently.

Problem and Market Fit

Simplifai addresses several key challenges faced by businesses, particularly in the insurance and banking sectors:

1. High cost of servicing customers: Manual and repetitive processes in claims handling and customer support are slow and expensive.

2. Low customer satisfaction: Slow response times and inaccurate answers lead to customer churn.

3. Growth struggles: Inefficiencies and the scarcity of skilled staff hinder effective scaling.

4. Inefficient document processing: Manual sorting and processing of documents lead to errors and inefficiencies.

5. Complex debt recovery: Challenges in tracking and efficient collection of debts.

By providing AI-powered solutions to these problems, Simplifai helps businesses improve operational efficiency, enhance customer satisfaction, and drive growth.

Business Model

Simplifai operates on a B2B model, offering its AI solutions to businesses primarily in the insurance and banking sectors. The company likely generates revenue through software licensing, implementation services, and ongoing support and maintenance fees for its AI platforms and solutions.

Competitive Landscape

While specific competitors are not mentioned in the provided information, Simplifai operates in the competitive field of AI-powered business process automation. The company differentiates itself by focusing on specific industries like insurance and banking, and by offering solutions that can be implemented without extensive coding knowledge.

Customers

Simplifai’s customer base includes several notable companies in the insurance and banking sectors:

• Van Ameyde
• Nh1816 Verzekeringen
• Fremtind Service
• Storebrand
• BALIC (Bajaj Allianz Life Insurance Company)
• Pine Labs
• SpareBank 1 SR-Bank
• Knif Trygghet Forsikring AS
• Landkreditt Financial group
• Eika Forsikring

These customers span across different regions, indicating Simplifai’s global reach and appeal to various financial institutions.

Relevant News

1. Simplifai was recognized as one of the top 100 AI companies in Fintech by Fintech Global (date not specified).

2. The company won the AI-driven Customer Experience Innovator Award at the 15th CX Strategy Summit and Awards (date not specified).

3. Simplifai received the NASSCOM SME Inspire Awards 2023 for Growth Leadership in Tech Products and Platforms.

4. Van Ameyde and Simplifai won the Diamond Award at ITC DIA Amsterdam 2024 (announced on June 18, 2024).

5. The Norwegian Data Protection Authority (Datatilsynet) confirmed the legal basis for Public Institutions in Norway to use Simplifai’s AI solutions, validating the company’s compliance with data protection regulations.

These achievements and recognitions highlight Simplifai’s growing prominence in the AI and fintech sectors, as well as its commitment to compliance and innovation in the industry.