San Francisco based commercial insurance startup Indio has raised $2m in Series Seed funding from backers including NEA, Compound, Merus Capital and 500 Startups. Indio is a workflow management platform for traditional commercial insurance brokers that automates the manual processes of retrieving quotes from different carriers and processing insurance applications from clients.
“We’ve seen a lot of startups approaching the space trying to replace the broker,” said co-founder Michael Furlong. “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.” Furlong told Insurance Journal that while Indio works with brokers of all sizes, its focus is mostly on the small commercial end client. “Large brokers use us for their small commercial division, ” Furlong said, while smaller brokers — who generally do a lot of their business with small and medium business clients — will likely use Indio more day-to-day across their entire firm, as opposed to within a specific division.