(Image source: Indio homepage.)
Indio (San Francisco), a startup commercial insurance platform for brokers, has secured $6 million in Series A financing, led by 8VC (San Francisco), which will be used to expand the capabilities of Indio’s digital platform and increase market share, according to a statement from the vendor. 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.
Indio describes its value proposition as using an automation platform and related tools to move paper-intensive processes online, streamlining workflows so that insurance agents and brokers are freed from spending inordinate amounts of time on routine tasks. Through the efficiencies gained via the platform, agents and brokers can focus their time and effort on client experience and high-value risk management-related tasks.
“The response to our platform throughout the commercial insurance industry has been overwhelmingly positive,” comments 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.”
Compelling Example of New Technology for Agents and Brokers
“Historically, the commercial insurance industry has lagged behind other sectors in the deployment of modern technology,” comments 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.”