Indio, tech startup for commercial insurance brokers, raises $6 million to expand the capabilities of its digital platform and increase market share
Indio, tech startup for commercial insurance brokers, announced it has raised $6 million in Series A financing to expand the capabilities of its digital platform and increase market share. The latest funding is led by 8VC. Additional investors who participated in the round included 500 startups, Merus Capital and Compound. Indio previously raised $2 million in seed financing, bringing its total financing to $8 million. Founded in 2016 by Adam Bratt, Matthew Watson, Michael Furlong and Paul Butler, the San Francisco-based startup simplifies and transforms commercial insurance application process for business owners and their clients. Indio helps its customers deliver a fully digital client experience. Instead of using unruly PDF forms and spreadsheet to send forms, Indio’s platform provides a seamless way to unify all data gathering and provide a great customer experience.
With Indio’s automation platform and related tools, Indio helps move paper driven processes online, streamlining workflows so insurance agents and brokers are freed from spending inordinate amounts of time on routine tasks. Insurance agents and brokers are able to focus their time and efforts on providing better client experiences and addressing the challenging aspects around their risk management.
“The response to our platform throughout the commercial insurance industry has been overwhelmingly positive,” said Mike Furlong, co-founder and CEO, Indio. “Leaders of commercial insurance agencies across the U.S. recognize their success depends both on how well their client-facing executives engage with clients and prospects, and their ability to drive efficiencies across their operations. Indio gives brokers and agents a platform to collect application and renewal data in a digitalized, efficient manner that improves customer experience and saves keystrokes.”
“Historically, the commercial insurance industry has lagged behind other sectors in the deployment of modern technology,” said Alex Kolicich, Partner, 8VC. “Indio is a compelling example of how insurance agents and brokers can use new technology solutions to enhance client experiences, improve efficiency and leverage their intellectual capital more effectively to benefit their clients.”
Indo’s been growing and building partnerships with other country in the insurance space. Back in 2017, Indo announced a partnership agreement with InsurTech. With the partnership, TechAssure members gain access to Indio’s market leading software – designed to improve the client experience by eliminating redundancies, streamlining applications, and improving client/carrier communications. TechAssure is an international nonprofit association of insurance and risk management experts for technology-related risks, has announced a new partnership with InsurTech company Indio. TechAssure members collectively serve over 4,000 clients and represent over $3 Billion in premium volume.