Indio Technologies, an insurance technology platform that’s setting out to “modernize” the insurance application and renewal process, has raised $20 million in a series B round of funding led by Menlo Ventures, with participation from 8VC.
Founded out of San Francisco in 2016, Indio targets insurance agencies and brokerages with a white-label platform designed to digitize traditional paper-based processes.
Business customers looking to buy or renew insurance premiums can sign in to the insurance company’s own-brand portal using just an email address (no passwords needed), and answer questions relevant to their policy, as well as leaving comments or questions next to specific fields.
“Smart forms” also map communal data points across different forms, meaning businesses don’t have to answer the same questions repeatedly. Moreover, these smart forms are capable of only showing relevant questions — so they may conceal non-applicable questions, based on previous answers. It’s all about clarity and removing clutter from online forms.
Elsewhere, Indio supports online signatures, negating the need to print off documents and scan them back in or send them by mail. And when a user uploads supporting documents to Indio’s cloud, the platform can extract data from uploaded files and store it in a structured format that’s easier to access.
Indio had previously raised just over $10 million, and with another $20 million in the bank it plans to double down on its product development, with a focus on property and casualty (P&C) insurance.
“Before Indio, the painful and redundant paper-based business insurance process was considered a necessary evil to attaining insurance coverage,” said Indio CEO and cofounder Mike Furlong. “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.”
Insurance technology startups have drawn a significant level of investment in recent years, as companies look for ways to streamline and optimize existing processes. Hippo recently raised $70 million for its data-driven home insurance platform, while Cape Analytics raised $17 million for a platform that uses AI and aerial imagery to conduct home insurance inspections. A few weeks back, Google’s Gradient Ventures invested in AI insurance underwriting startup Flyreel.
While Indio has a different mission from these companies, it represents part of the same push to bring an age-old industry into the 21st century through digitization and automation.
“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,” added Menlo Ventures partner Tyler Sosin. “Indio is a digital on-ramp for traditional brokers — it makes their lives easier and it enables them to extend a modern experience to clients.”