Indio Technologies, an insurance technology company that streamlines the business insurance application process, today announced it has secured $20 million in Series B funding.
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. In addition, Indio has added Mark Costigan as VP of Finance, previously an early stage employee at Google, and Scott Bordenave as Head of Talent Acquisition, who previously held positions at Yammer and Microsoft.
Businesses purchase more than $350 billion in insurance premiums each year, but that workflow is almost entirely paper-based. Indio's technology platform was designed from the ground up to transform the commercial insurance category. Indio provides insurance brokers with a white-label platform that transforms the insurance application process – previously ridden with paper forms and data redundancy – into a 'Turbo-Tax' like experience. 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," said Mike Furlong, CEO and Co-founder of Indio Technologies. "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, making it easier for insurance brokers to collaborate with underwriters and receive quotes faster.
"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," said Tyler Sosin, Partner at Menlo Ventures. "Fortunately, it only took a few conversations with Indio customers to figure out that Mike and his team have found compelling product market fit. Indio is a digital onramp for traditional brokers, it makes their lives easier and it enables them to extend a modern experience to clients. As the first digital platform taking hold in the industry, Indio's potential is enormous."
Today, over 250 insurance brokerages process thousands of their business clients through the Indio platform each month. More than 30 of the top 100 US based insurance brokerages are using Indio to deliver a modern, simplified insurance experience to their clients.