Indio Technologies, a California-based insurtech platform for brokers, announced this week it has secured $6 million through its latest Series A, which was led by 8VC. The company, which was founded in 2016, describes itself as a technology platform that creates digital tools for traditional commercial insurance brokers and gives brokers the tools to turn antiquated processes to clean and digital for their customers.
“With Indio’s 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.”
Indio also reported that additional investors who participated in the round included 500 startups, Merus Capital and Compound. The company previously raised $2 million in seed financing, bringing its total financing to $8 million. Funds from the latest funding round will go towards expanding the capabilities of Indio’s digital platform and increase market share. Mike Furlong, Co-Founder and CEO of Indio, stated:
“The response to our platform throughout the commercial insurance industry has been overwhelmingly positive. Leaders of commercial insurance agencies across the U.S. 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 of 8VC, added:
“Historically, the commercial insurance industry has lagged behind other sectors in the deployment of modern technology,” said . “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.”