(Palace of Fine Arts, San Francisco. Image credit: Chris Sharkman.)
Indio Technologies (San Francisco), an InsurTech focused on streamlining the business insurance application process, has announced that it has secured $20 million in Series B funding. The funding round was led by Menlo Ventures (Menlo Park, Calif.), with participation from 8VC (San Francisco). Founded in 2016 by Adam Bratt and Mike Furlong, Indio has raised over $30 million in total funding and has grown to over 50 employees.
Indio is focused on addressing the inefficiencies of the $350 billion commercial market where workflow is almost entirely paper-based. Indio describes its technology platform as having been designed from the ground up to transform the commercial insurance category. Indio provides insurance brokers with a white-label platform that it says transforms the insurance application process into a ‘Turbo-Tax’ like experience. In addition to the efficiencies of paperlessness, Indio asserts that it also helps insurance brokers and their customers improve the accuracy of information collected.
“Before Indio, the painful and redundant paper-based business insurance process was considered a necessary evil to attaining insurance coverage,” comments Mike Furlong, CEO and Co-founder of Indio Technologies. “We moved that entire process to a secure online platform that reduces steps, entirely eliminates data duplication, and improves the experience for both the business and the insurance broker.”
Indio says its mission is to connect and automate the entire business insurance transaction onto one platform. The company says that this year it will build platform connectivity to insurance carriers, making it easier for insurance brokers to collaborate with underwriters and receive quotes faster.
Compelling Market Fit
“We have had an ongoing thesis that P&C insurance is ripe for innovation, but until meeting Indio, we had not found a company with a value proposition that was getting real pull from existing players in the ecosystem,” comments Tyler Sosin, Partner, Menlo Ventures. “Fortunately, it only took a few conversations with Indio customers to figure out that Mike and his team have found compelling product market fit. Indio is a digital onramp for traditional brokers, it makes their lives easier and it enables them to extend a modern experience to clients. As the first digital platform taking hold in the industry, Indio’s potential is enormous.”
Over 250 insurance brokerages currently process thousands of their business clients through the Indio platform each month, according to Indio. More than 30 of the top 100 US based insurance brokerages are use Indio, according to a vendor statement.