Applied Systems to acquire Indio Technologies to accelerate digitization of commercial lines submissions

Applied Systems, a provider of insurance software in agency management systems, announced it’s acquiring Indio Technologies, a workflow management platform for P&C insurance applications and renewals. The deal aims to accelerate digitization in the insurance industry, which will provide customers with a modernized experience while increasing efficiency and lowering costs for independent brokers and agencies. In just three years since its inception, Indio has raised over $30M in funding, grown to 50+ employees and served over 250 insurance brokerages.

Each year, businesses purchase more than $350 billion in insurance premiums, but that workflow is almost entirely paper-based. Applied recognized the value that Indio brings to further digitizing the commercial lines submission process, eliminating these manual paper workflows.

The acquisition will enable Applied Systems’ commitment to digitizing the end-to-end commercial lines submissions process across agencies, brokers, insurers and insureds. IVANS, a division of Applied, will leverage Indio to expand its leading data exchange capabilities to connect agencies and brokers to insurers, and to automate information exchange throughout the submission process, minimizing friction and creating greater value for each stakeholder.

Founded in 1980, Applied Systems is the leading global provider of cloud-based software that powers the business of insurance. Recognized as a pioneer in insurance automation and the innovation leader, Applied is the world’s largest provider of agency and brokerage management systems, serving customers throughout the United States, Canada, the Republic of Ireland, and the United Kingdom.

“In commercial lines today, the process for agencies and insurers to collect and receive data throughout the submission process is often very manual and disparate, creating friction, cost and lost sales opportunities,” said Taylor Rhodes, CEO at Applied Systems. “Applied’s investment in Indio is a major statement of our commitment to automating the commercial lines submission process and enabling agencies, brokers, insurers and insureds to engage with each other and exchange data needed in the sales process more efficiently.”

Founded in 2016 by Mike Furlong, Adam Bratt, and Matt Watson, Indio set out to modernize and digitize the insurance application and renewal process. Indio provides a workflow management platform that delivers a suite of web-based solutions for insurance agencies, helping to improve their client experience and become more efficient. Prior to its acquisition by Applied Systems, Indio raised significant venture financing from Menlo Ventures, 8VC, NEA, Merus Capital, 500 startups and more.