(Image source: Indemn homepage.)
Indemn (New York, a provider of conversational AI-based insurance buying experiences, has announced its closing of a $1.9 million pre-seed funding round, marking its continued growth in delivering insurance products through natural conversation powered by AI. The round was led by Markd (Boulder, Colo.), with participation from Afterwork Ventures, Everywhere Ventures, and a group of prominent entrepreneurs and insurance leaders from Australia and the U.S., according to an Indemn statement.
Established in 2021, Indemn’s AI-driven platform drives greater engagement with digital insurance products by making information, product configuration, and underwriting accessible through natural conversation.
Indemn describes its platform as built around large language models, including AI agents supporting all aspects of digital insurance, from quoting to purchase, thereby driving growth and reducing operational costs across distribution channels. The customer experience delivers AI agents directly to the user, and when desired, seamlessly connects the customer to human agents supported by an AI powered Copilot, according to the company statement.
“We’re thrilled with the initial funding and support from investors who believe in our vision to transform the insurance acquisition experience with Large Language Models,” comments Kyle Geoghan, Co-founder & CEO, Indemn. “Creating a better way for people to interact with insurance has been a long time coming and we couldn’t be more excited to continue building the solution.”
Improving the Way Insurance is Purchased Online
“The Indemn team, with its innovative product and early adoption of generative AI, is poised to improve the way insurance is purchased online,” asserts Parker Beauchamp, Managing Partner, Markd. “Far before the hype, the team’s expansive work with this tech was driven by a need to find a solution for the primary challenges within insurance distribution. This work is bolstered by Kyle’s deep understanding of insurance, accumulated from his background in a family agency and as an early employee at Coverwallet. All this aligns perfectly with our belief in supporting long-standing, existing insurance channels.”