Q&A with Yair Ravid, Reach founder and CEO
- what does Reach do?
Ravid: REACH is an innovative next-generation digital business management start-up. The platform offers a seamless cloud-based solution for mid and large enterprises to conduct and close business remotely. The solution’s simplicity, both for the operator and customer, essentially provides a face-to-face, in-person transaction experience, complete with the human touch!
REACH is a next-generation collaboration platform that allows companies of all sizes to collaborate and support customers and teams (and various other use cases) in real-time sessions and to conduct business, remotely and instantly (as opposed to asynchronously via phone, email or snail mail). The solution works on desktop, laptop, or any mobile device without the additional friction of download any plugin software.
The platform was initially released in the Summer of 2019 and over the last year, REACH attained 7X growth in ARR mainly due to achieving SOC2 compliance and a demand surge from the coronavirus pandemic. Covid-19 has been a catalyst demonstrating that the effectiveness of REACH can become the new “normal” way of doing business, even post Covid-19.
- what are the values for the insurance industry?
Ravid: Increase conversion rates, reducing process time and improving customer experience while adhering to compliance issues. Examples of insurance use cases:
- Instant Closing of Policies, policy renewals, NDAs & contracts
- An efficient remote collaboration of Claims processing, First notice of loss, Customer service, Policy renewals
- Branch Transformation: Sales calls, Field insurance agents remote meetings
- Compliance: Know your customer (KYC), New policy applications
- Multi-party workflows: New policy opening, agents/carriers/customers collaboration
REACH aims to dramatically transform “in office/branch office” interactions and online form support for several industries. For example – customers will be able to open up bank/brokerage accounts from the comfort of their living room without having to go to a branch office. The customer rep can help the customer fill out forms in real-time, they can upload documents (such as electricity bills), provide ID verification and then sign remotely to close the deal in real-time. This is done with a complete audit trail and recording for compliance purposes.
- One of the features you have is an identity verification. What is the importance of that feature?
Ravid: Can be used for onboarding of clients and in cases of Know Your Customer procedures
- what companies are you currently working with?
Ravid: The company has offices in San Francisco and Tel Aviv and close to 100 paying customers, including large enterprises such as Kbank, NSM Insurance, British American Tobacco, Porsche and Daimler, with a very deep sales pipeline.
- What are the benefits for the clients?
Ravid: The platform can:
· Document collaboration, i.e., co-filling out applications, on-line forms, PDFs and purchase orders
· Real-time (on-screen) signature
· Instant ID verification
· Video and digital audit of transactions for compliance
· Vault for holding signed customer papers
- What investments were made in the company so far?
Ravid: Over $5M thus far, the last round was led by a Silicon Valley VC. REACH is sitting in the middle of some very large markets such as e-signature, collaboration, and online ID verification. Exit opportunities are abundant in strategic such as Zoom, Cisco, Google, Amazon, Five9, RingCentral, and many more.
- Tell me about your professional background and about other key figures in the company
Ravid: I am the Founder & CEO – INSEAD Alumni, 12 years of Sales & Marketing management experience (EX Eli Lilly Sales & Marketing Manager)
Yuval Nachman – CPO & Country Manager – Product Guru; EX VP Product at Clicktale; EX Head of Product Management at Liveperson