Indio Technologies has recently announced its successful Series B funding. Following this news, the company declared that it has secured $20 million in funding for its insurance applications.
What Indio Technologies is All About
Founded in 2016 by Adam Bratt and Mike Furlong, Indio Technologies focuses its efforts on helping insurance agencies and brokerages through its insurance technology platform. Venture Beat states that the business it aims to provide insurers and other similar businesses with a chance to streamline their company processes by using its platform.
In particular, the company aims to improve the insurance application and renewal process. From a traditionally paper-based process, Indio is seeking to digitize the whole procedure, thus making it more efficient for applicants and insurers alike.
Through their platform, Venture Beat notes that customers can easily sign in by using their business email address and by answering the questionnaire found on the website.
How the Funding Changes the Game
The $20 million Series B Funding attained by the company was led by Menlo Ventures. 8VC was also a key head for the round. To date, PR Newswire reports that the company has successfully raised more than $30 million in funding. Together with this huge increase, the business has also expanded to more than 50 employees.
Today, Banking Tech notes that what sets the business apart from other competitors in the game is its ability to provide a safe and secure platform. Apart from giving an improved customer experience, their program foregoes traditional paper processes and reduces data duplication and data theft.
With the fund granted to Indio Technologies, the company seeks to build a program that allows them to connect with insurers on a direct level, thereby changing the whole game. This way, insurance brokers can work with their platform, helping interested applicants and underwriters to get their much-needed quotes at a faster turnaround time states PR Newswire.