Digital Insurance Innovator Indio Technologies Raises $20M

For businesses across every vertical, insurance coverage comes in several shapes and sizes, but one fact remains the same: every business requires it.

From health insurance to property and casualty insurance, companies like Indio Technologies have aided in revolutionizing the processes that ultimately alleviate stress for business owners and insurance brokers alike.

How It Works

Every business with equipment or physical objects needs to have insurance for repairs, replacements and injuries. Yet the process for securing this coverage can be quite jarring.

“It’s very manual,” said Indio Technologies CEO and founder Michael Furlong. “It involves hundreds of papers, PDFs and Excel documents that all business owners have to fill out each year.”

Despite the age of rising technology, online solutions for this process have been few and far between, the CEO said. 

“Every single business goes through a broker [who] serves as a middleman and has to deal with all this paperwork to facilitate all of the insurance applications. We sell software to the insurance broker that they use with the business owner to make it really easy.”

Known as “The Digital Broker,” Indio Technology consolidates the entire transaction process into one simplified, coherent platform as a way to improve workflow and user experience on both ends of the insurance spectrum.

The company launched in 2016, over 250 insurance brokerages utilize the platform per month, according to a recent press release.

The News

As a way to propel product development and digital innovation, Indio Technologies announced it has secured $20 million in Series B funding led by Menlo Ventures.

Indio Technologies plans to improve the insurance process even further by building platform connectivity to insurance carriers, according to the company. This addition aims to expedite the process substantially and incite collaboration with underwriters.

“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,” Tyler Sosin of Menlo Ventures said in a statement. 

“Fortunately, it only took a few conversations with Indio customers to figure out that Mike and his team have found compelling product market fit," Sosin said.

"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.”

What’s Next

The two most important financial instruments a business needs are banking and loans or insurance, said Indio CEO Furlong.

Historically, banking and loans have been heavily integrated with technology for years — but insurance has been entirely untouched.

“From a workflow standpoint, the process can be made a lot easier with a solution like ours. We will end up theoretically touching every business in the U.S.”

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