Mike Furlong, CEO of Indio Technologies
Insurtechs have significantly improved the awareness and adoption of technology, although enablers have seen far greater success than the disruptors in the traditionally slow-moving insurance industry.
Insurance technology companies are divided into two camps - the disruptors and the enablers, according to Mike Furlong, CEO of Indio Technologies, a US-based start-up that has set out to streamline and modernise the commercial insurance application and renewal process.
The San Francisco-based company recently raised $20 million in Series B funding led by Menlo Ventures, with participation from 8VC. The start-up targets insurance agencies and brokers with a white-label platform designed to digitise paper-based processes to make it easier to collaborate with underwriters and receive quotes faster.
According to Furlong, while disruptors are out to disrupt or replace traditional players in insurance, creating fierce competition in an already challenging market, enablers are emerging as more evolutionary than revolutionary as they are trying to enable the agencies and brokers to overcome technology roadblocks and elevate offerings by working in partnership with them and not against them.
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