Indio Technologies, a California-based insurtech platform for brokers, announced on Thursday it secured $20 million through its Series B funding round, which was led by Menlo Ventures with participation from 8VC. As previously reported, Indio was founded in 2016 and 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.”
While sharing more details about the company, Mike Furlong, CEO and Co-founder of Indio, stated:
“Before Indio, the painful and redundant paper-based business insurance process was considered a necessary evil to attaining insurance coverage. 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.”
Tyler Sosin, Partner at Menlo Ventures, commented:
“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. 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.”
Indio went on to add that more than 250 insurance brokerages process thousands of their business clients through its platform each month. More than 30 of the top 100 U.S.-based insurance brokerages are using Indio to deliver a modern, simplified insurance experience to their clients.
