Insurtech Indio raises $6m in expansion move

Indio Technologies, a commercial insurance platform for brokers has raised $6 million in Series A financing to expand its digital platform to modernize commercial insurance processes for brokers and agents.

The financing round was led by 8VC and included 500 startups, Merus Capital and Compound. Indio previously raised $2 million in seed financing, bringing its total financing to $8 million.

With its automation platform and related tools, Indio helps move paper driven processes online, streamlining workflows so insurance agents and brokers are freed from spending inordinate amounts of time on routine tasks. Insurance agents and brokers are able to focus their time and efforts on providing better client experiences and addressing the challenging aspects around their risk management, according to a press release.

“The response to our platform throughout the commercial insurance industry has been overwhelmingly positive,” said Mike Furlong, co-founder and CEO, Indio. “Leaders of commercial insurance agencies across the US recognize their success depends both on how well their client-facing executives engage with clients and prospects, and their ability to drive efficiencies across their operations. Indio gives brokers and agents a platform to collect application and renewal data in a digitalized, efficient manner that improves customer experience and saves keystrokes.

Alex Kolicich, partner at 8VC, added: “Historically, the commercial insurance industry has lagged behind other sectors in the deployment of modern technology.

“Indio is a compelling example of how insurance agents and brokers can use new technology solutions to enhance client experiences, improve efficiency and leverage their intellectual capital more effectively to benefit their clients.”