At Paperbox, we're not just building a company; we're reimagining how the insurance industry handles information. Our recent feature in De Tijd's "Jong Geweld" series has given us an opportunity to reflect on our journey, our mission, and the lessons we've learned along the way. As we continue to grow and evolve, we want to share our perspective on the challenges we're addressing and the future we're working towards.
The Problem We're Solving
Insurance companies are drowning in data. Every day, they receive a deluge of emails, scans, and other communications from clients. In the aftermath of events like major storms, this influx can become overwhelming, leading to delays in claim processing and frustrated customers.
Our CEO, Frederic Stallaert, put it succinctly in the De Tijd article: "We guarantee that all this information is centrally processed and automatically enriched and assigned to the right person who needs to handle the case." This isn't just about efficiency; it's about transforming the customer experience in times of need.
The Paperbox Approach: AI-Powered Understanding
While document processing isn't a new challenge, our approach sets us apart. We've moved beyond rigid, rule-based systems to embrace the power of artificial intelligence and language models. This allows us to understand not just the content of incoming communications, but their context as well.
As Frederic explained, "By working with artificial intelligence based on language models, you can more easily understand the content and context of incoming emails and make a better analysis." This deeper understanding translates into faster, more accurate processing and, ultimately, better service for insurance customers.
Growing Responsibly in a Conservative Industry
The insurance sector isn't known for embracing risk, especially when it comes to new technologies. We've seen many tech players in this space come and go quickly. At Paperbox, we've taken a different approach.
From the beginning, we focused on creating a product tailored to our customers' needs, rather than starting with a grandiose vision to change the world overnight. This customer-centric approach has allowed us to build trust and grow sustainably in a - quite - conservative industry.
Our roots in ML6, a Ghent-based AI consultancy player, and our early collaboration with Belfius Insurance have given us a solid foundation. Today, we're proud to serve 30 customers across five countries, with a recurring annual revenue of 1 million euros. But we're not stopping there – we're aiming to increase that to 5 million and further professionalize our team.
Lessons in Entrepreneurship: Finding Balance
One of the most valuable lessons we've learned on this journey is the importance of balance. As Frederic candidly shared in the De Tijd interview, "In the beginning, I let myself be guided too much by all the clichés about entrepreneurship. That 'hustle culture': always being on, getting up early to work and continuing until late at night."
We've come to realize that sustainable success isn't about constantly pushing yourself to the limit. It's about finding harmony between your passion for the business and the other aspects of life that bring joy and recharge your batteries. Just as top athletes incorporate recovery periods into their intense training regimens, entrepreneurs need to make space for rest and rejuvenation.
Looking to the Future
As we look ahead, we're excited about the possibilities. We're in talks with investors to fuel our next phase of growth, but our core mission remains the same: to support insurance companies process information more efficiently and effectively, ultimately leading to better service for their customers.
Join Us on This Journey
At Paperbox, we're proud of what we've accomplished, but we know we're just getting started. We're committed to pushing the boundaries of what's possible in document processing and artificial intelligence, all while maintaining a healthy balance and staying true to our values.
Whether you're an insurance company drowning in paperwork, a potential investor interested in the future of AI in business processes, or a talented individual looking to join a dynamic team, we invite you to be part of our story. Together, we can create a future where information flows seamlessly, enabling businesses to focus on what truly matters: serving the end customers.
