Indico Data, the industry’s leading solution for automating critical intake workflows across the policy lifecycle, has announced the successful closure of a $19m funding round.
The round included a strategic investment from Guidewire, a premier platform for Property and Casualty (P&C) insurers.
The $19m investment was led by .406 Ventures and joined by Guidewire, along with existing investors Sandbox Industries, Osage Venture Partners, and Jump Capital.
Indico Data, known for its first-to-market “hybrid” Discriminative and Generative AI platform, aims to use the new funding to enhance its technology, extend its global reach, and bolster customer success initiatives. The company’s AI technology enables enterprises to make better decisions with improved data, driving operational efficiency and revenue growth.
In conjunction with this investment, Indico Data is set to launch its Ready for Guidewire validated accelerator. This integration will connect Indico Data’s intelligent intake solution with Guidewire PolicyCenter, addressing the critical challenges underwriters face in managing unstructured data in broker submissions. Traditionally, underwriters spend countless hours manually extracting and inputting data from submission emails and documents into PolicyCenter, a process prone to errors. The integration will automate this process, ensuring immediate access to vital data and expediting the quote process, enhancing decision-making, and growing underwriting premiums.
Indico Data CEO Tom Wilde said, “We are thrilled to announce the successful closure of our latest funding round, which includes a strategic investment from Guidewire.
“This investment, along with the future launch of our Guidewire accelerator, represents a significant step forward in our mission to transform the underwriting and claims processes for P&C insurers. The integration with Guidewire PolicyCenter will enable our customers to automate the ingestion of unstructured data, enabling them to make better decisions around what risk to underwrite. This partnership not only validates our innovative approach but also accelerates our ability to drive growth and deliver cutting-edge solutions to the insurance industry.”
Jay Grayson, head of corporate development & new ventures at Guidewire, said, “Guidewire is focused on identifying best-of-breed solutions to ensure our customers can solve their underwriting and claims challenges end to end with the Guidewire platform.
“Indico’s deep experience in developing and deploying large language model-based solutions for unstructured data, combined with their experience and expertise with P&C Insurance makes them a great fit for Guidewire’s global customer footprint.”
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