Indico Data Closes $19M Funding Round

As part of the round, led by .406 Ventures, the firm has secured a strategic investment from Guidewire and has announced the impending release of a Ready for Guidewire accelerator.  

(Image source: Indico Data website.)

Indico Data (Boston), a solution for the automating of critical intake workflows across the policy lifecycle, has announced the closure of a $19M funding round with a strategic investment from property/casualty insurance platform provider Guidewire (San Mateo, Calif.). Indico Data says this strategic financial infusion and partnership with Guidewire will accelerate its mission to deliver cutting-edge AI technology to enable enterprises to make better decisions with better data driving improved operational efficiency and top-line revenue growth.

Tom Wilde, CEO, Indico Data.

Indico Data characterizes its latest funding round, led by .406 Ventures (Boston) and joined by Guidewire and existing investors, Sandbox Industries, Osage Venture Partners, and Jump Capital, as a strong vote of confidence in the company’s momentum and its pivotal role in the data-to-decision revolution. The firm says the investment will be used to enhance the company’s first-to-market “hybrid” Discriminative and Generative AI platform, extending its global reach, and bolstering customer success initiatives, ensuring enterprises can leverage their data like never before.

In conjunction with this investment, Indico Data, a former Guidewire Insurtech Vanguard and current Guidewire PartnerConnect Solution partner, has announced that its Ready for Guidewire validated accelerator, which it characterizes as a powerful integration designed to seamlessly connect Indico Data’s intelligent intake solution with Guidewire PolicyCenter, is imminent. The integration aims to address the critical challenges faced by underwriters in managing the volume and complexity of unstructured data in broker submissions. Traditionally, underwriters spend countless hours manually extracting and inputting data from submission emails and documents into PolicyCenter, a process that is not only tedious but also prone to errors.

By leveraging Indico’s Intelligent Intake solution, underwriters will be able to automate data population in PolicyCenter, processing structured, semi-structured, and unstructured data with ease, the vendor asserts. Indico Data says this integration will ensure immediate access to vital data, allowing underwriters to expedite the quote process, enhance decision-making, and ultimately grow underwriting premiums.

“We are thrilled to announce the successful closure of our latest funding round, which includes a strategic investment from Guidewire,” comments Tom Wilde, CEO, Indico Data. “This investment, along with the future launch of our Guidewire accelerator, represents a significant step forward in our mission to transform the underwriting and claims processes for P&C insurers. The integration with Guidewire PolicyCenter will enable our customers to automate the ingestion of unstructured data, enabling them to make better decisions around what risk to underwrite. This partnership not only validates our innovative approach but also accelerates our ability to drive growth and deliver cutting-edge solutions to the insurance industry.”

Jay Grayson, Head of Corporate Development & New Ventures, Guidewire.

LLM-Based Solutions

“Guidewire is focused on identifying best-of-breed solutions to ensure our customers can solve their underwriting and claims challenges end to end with the Guidewire platform,” comments Jay Grayson, Head of Corporate Development & New Ventures, Guidewire. “Indico’s deep experience in developing and deploying large language model-based solutions for unstructured data, combined with their experience and expertise with P&C Insurance makes them a great fit for Guidewire’s global customer footprint.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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