Indio Technologies brings digital to insurance with $20m funding
Indio Technologies, an insurtech that streamlines the business insurance application process, has secured $20 million in Series B funding.
“Improves the experience for both the business and the insurance broker”
The funding round was led by Menlo Ventures, with participation from 8VC.
Founded in 2016 by Adam Bratt and Mike Furlong, the company has raised over $30 million in total funding and has grown to over 50 employees.
According to the firm, businesses purchase more than $350 billion in insurance premiums each year, but that workflow is almost entirely paper-based. Indio provides insurance brokers with a white-label platform that transforms the insurance application process.
With Indio, insurance brokers and their customers save time and 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,” says Mike Furlong, CEO and co-founder of Indio Technologies.
He adds: “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’s mission is to connect and automate the entire business insurance transaction onto one platform. This year, Indio will build platform connectivity to insurance carriers, to make it easier for insurance brokers to collaborate with underwriters and receive quotes faster.
