(Image source: Indio homepage.)
Applied Systems (University Park, Ill.) has entered into a definitive agreement to acquire Indio Technologies, Inc. (San Francisco), describing the acquisition as a critical component of its investment in digitizing the end-to-end commercial lines submissions process across agencies, brokers, insurers and insureds.
Taylor Rhodes, CEO, Applied Systems.
Indio is an InsurTech that creates a solution for the insurance application and renewal process that enables agencies and brokers to deliver a fully automated client risk data capture and application experience. Applied says its acquisition of Indio will expand its commercial lines solutions and demonstrates its commitment to advancing connectivity in the insurance lifecycle to create greater automation and value for all stakeholders of the insurance lifecycle.
The acquisition of Indio will enable Applied to provide customers a collaborative and automated data capture experience, increasing the velocity of the insurance application and renewal lifecycle while lowering costs and reducing the risk of errors and omissions, the vendor says. Applied’s statement adds that the combined capabilities of the two companies will deliver tight integration between Indio’s solution and Applied Epic, creating significant productivity and speed advantages for agents and brokers.
“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,” comments Taylor Rhodes, CEO, 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.”
Michael Furlong, Co-Founder, Indio.
The collaborative data capture experience for new business and renewals will also accelerate insurer connectivity in the commercial lines submission process, according to Applied. 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.
Access to New Innovation
“Indio was founded on the belief that technology can make insurance processes faster and simpler while keeping customer experience as the number one priority for an agency,” comments Michael Furlong, CEO and co-founder of Indio. “This acquisition will provide our customers and employees with access to new innovation, resources and scale to further transform agencies’ and brokers’ daily workflows and accelerate business growth.”
Indio Technologies Raises $20M in Series B Funding led by Menlo Ventures