Digital Commercial Insurance Broker Platform Indio Raises $6 Million

February 6, 2018

Indio Technologies, a digitized commercial insurance platform for agents and brokers, said it has raised $6 million in Series A financing, led by 8VC, to expand the capabilities of Indio’s digital platform and increase market share.

Additional investors in the round include 500 startups, Merus Capital and Compound. Indio previously raised $2 million in seed financing, bringing its total financing to $8 million.

Indio provides a workflow management platform for applications and renewals. Its automation platform and related tools help move paper-driven processes online, streamlining workflows so insurance agents and brokers can spend less time on routine tasks. Brokers and agents can collect application and renewal data digitally, improving customer experience and saving keystrokes.

The platform includes 800 online applications that connect data across policies so customers do not have to answer the same question more than once and it hides questions that do not apply to the customer. It accommodates online signatures.

“The response to our platform throughout the commercial insurance industry has been overwhelmingly positive,” said Mike Furlong, co-founder and CEO.

Furlong founded Indio in 2016 along with Adam Bratt and Matt Watson. Indio has raised $8 million in venture financing from 8VC, NEA, Merus Capital and others.

Was this article valuable?

Here are more articles you may enjoy.