Indio, a commercial insurance platform for brokers, has raised $2m in seed financing to grow its user base and platform.
Venture capital firms NEA, Compound, Merus Capital and 500 Startups participated in the round, along with insurance carrier Hiscox.
Indio was founded by financial services and technology veterans Paul Butler, Michael Furlong and Matthew Watson.
It claims its workflow management platform ‘brings traditional commercial insurance brokers into the digital age’.
The platform automates the manual processes of retrieving quotes from different carriers and processing insurance applications from clients, which it says reduces the operational overhead required to run a traditional insurance agency.
Furlong said, “We’ve seen a lot of startups approaching the space trying to replace the broker.
“We feel that the broker is a necessary part of the commercial insurance buying process. Indio takes a contrarian approach, empowering brokers with technology that streamlines their workflow.â€
According to a report by KPMG International and CB Insights, venture-backed insurtech investments hit the $1bn mark across 47 deals in the first half of 2016.
That compares to $2.5bn of investments in 74 deals for all of 2015, the report added.
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