Insurtech | ClaimSpace | Aurora Voss
Aurora Voss was born in Durban, south Africa and moved to Sydney when she was 10 years old. When she was younger she wanted to be a country singer and then an eye surgeon. Aurora is now CEO and a co-founder of ClaimSpace, a platform creating no-code digital experiences for everyone that it takes to run a business. We were lucky enough to speak to Aurora about her journey.
Aurora Voss, CEO and co-founder of ClaimSpace
What gave you the idea for ClaimSpace?
It wasn’t my idea. I worked in VC and ClaimSpace was one of the first companies that we invested in when I joined H2 - I joined as CEO and Co-Founder about a year after it was founded. I was interested in Insurtech, not only because of personal experiences but because of regulatory change coming in the Australian insurance market. I knew that solutions focused on helping insurers to better collaborate with customers would be powerful.
Any key stats, data, reports, research you can provide to give flavor to the opportunity/problem?
We’ve been talking to insurers every day for the last three years and I’m yet to meet a single one who has a standardised digital process for customers and external stakeholders across claims and other complex customer services. Many have made a start but it’s a hard thing to get right at scale.
What does ClaimSpace do? Who is the solution for? What problem does it solve?
At ClaimSpace, we are obsessed with ‘cracking open’ processes that require businesses to interact with the outside world - be that customers, beneficiaries or partners etc. Our platform makes it easy for them to standardise digital experiences with our no-code collaborative process builder. We increase customer and partner engagement by providing easy to navigate, real time digital portals while providing more data and deeper insight into where these processes go wrong. Insurance claims are the pointy end of our wedge as it’s one of the most collaborative processes in the industry.
What is unique about ClaimSpace?
In insurtech, a lot of the solutions out there are aimed exclusively at either sales and distribution or high volume, low complexity claims processes - lots of focus on straight through processing. Although we do have customers using us for some of those high-volume processes in auto and home insurance claims, our platform was originally built to be able to facilitate really complex, multi-stakeholder experiences such as long term disability and workers compensation claims. This has meant that our customers have found it really simple to scale and standardise their digital experiences across business lines - that’s what sets us apart.
Where do see your proposition in ten years time?
As the new standard for accessible and secure collaboration between businesses and the outside world. Customers will no longer have to click through pages of pdf documents and instructions - they will always know where to go and always have the right information at their fingertips.
If you are not from a Tech background how has that impacted and what do you bring to the table?
I’m lucky to have two Co-Founders who have strong technical skills and industry knowledge. I studied Arabic and Islamic Studies at University - so not technical at all. But in every job I’ve ever had I have been on the front line of customer service and improved that service by using new technologies. What I bring to my particular role as CEO is a love of context shifting, a focus on people and the ability to always ask better questions. Technical or not, those are the skills that any CEO must invest in.
Biggest challenge you have faced so far?
Do more with less - it’s a reality and a mindset.
Example of a good result with ClaimSpace?
Not only are we helping our customers to build scalable and affordable digital experiences, but are reducing operational inefficiencies ie - reducing the # of inbound calls to the claims business unit by up to 35%. More broadly speaking - winning for me means new business while motivating an amazing team of people.
In what ways do you think female founders are treated differently?
The numbers speak for themselves:
funding to female-founded companies fell significantly in 2020
more than 800 female-founded startups globally have received a total of $4.9 billion in venture funding in 2020, through mid-December, representing a 27 percent decrease over the same period last year.
not only did total funding to female-led startups fall this year, but the proportion of dollars to female-only founders also declined, to 2.3 percent, compared to 2.8 percent in 2019.
To find out more check out Crunchbase.
What is your focus now? And for the next couple of years? How has COVID impacted your activity?
Right now it’s about getting to the next level of growth, that means more customers and refining our platform to make it more scalable. For the next couple of years it’s more of the same while attracting and sustainably motivating a great group of people to help us keep up that growth.
COVID has meant that I now I don’t have to travel to sell ClaimSpace - which is a huge blessing in disguise because I also had a baby last year and am having my second in August. The unexpected flexibility that has come from the pandemic is a real silver lining.
What tips would you have for female entrepreneurs?
My tip would be to get the right people in your corner - your gut will tell you who they are.
What are the one or two lessons/principles/ you carry with you into everything you do?
I’d recommend to take care of your people, the rest will take care of itself.
Where do you see yourself in 10 years time?
Doing what I’m doing now: working on a problem I really care about with people I really care about.
How do you balance your personal time and your ‘work’ time?
I’m not sure that balance is the way I would describe it - I don’t really know that is. The only thing that truly motivates me are the people I live, love and work with. From my husband, kid, family and friends to my incredible Co-Founders and team. It’s because I invest so heavily into those relationships that I believe I am able to enjoy all the messiness that happens day to day.
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