NFP Ventures has made a minority investment into Indio Technologies, a workflow management software for insurance agencies.
Founded in 2016, Indio aims to help property and casualty insurance agencies to attract more business, increase retention and boost customer satisfaction, the company said. Its technology automates data collection from spreadsheets to help brokers to improve digital client experiences.
Indio maps all common data field between application forms and provides a centralised and standardised platform to collect client information.
Users are able to use the platform to keep track of a client’s edits, reduce risk by receiving timestamps for actions on the platform and design the forms to better suit consumers. The solution also helps to ease the renewal process, with a one-click button transferring all relevant data from the prior year’s form.
Capital from the round will be used to enhance and streamline the underwriting process.
NFP president and COO Mike Goldman said, “Customer expectations are being heavily shaped by digital advances, and the insurance arena is no exception. Partnering with InsurTech platforms such as Indio allows us to not only better serve our clients, but to bring new concepts to the P&C marketplace, ultimately improving the broader broker-customer experience.”
Earlier in the year, the company closed its Series A round on $6m with 8VC serving as the lead investor. Other contributions to the round came from 500 Startups, Merus Capital and Compound.
NFP recently invested into cybersecurity solution developer Axio Global, picking up a minority stake. The company is a cyber-risk management solution which helps provide deep insights into risks of financial and insurance services.
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