NFP Ventures, a venture fund of insurance broker NFP, has made a minority investment in Indio Technologies, a management software platform for property and casualty insurance providers.
Image: NFP Ventures acquires minority stake in Indio. Photo: Courtesy of adamr at FreeDigitalPhotos.net.
The investment will support Indio to strengthen and streamline its underwriting process.
Founded in 2016 by Mike Furlong, Adam Bratt and Matt Watson, Indio Technologies supports property and casualty insurance agencies to win more business, improve retention and save time through increased customer satisfaction.
NFP president and chief operating officer 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.”
Indio tackles inefficient information collection process by automating the aspects that were previously done through manual spreadsheets.
The company claims that its tool makes the often overwhelming procedure easier for insureds and prospects and offers a streamlined system for account management staff. With the digitization and unification of the entire data collection process, Indio’s platform helps brokers to deliver a fully digital client experience.
The investment complements NFP’s aim of creating a better property and casualty broker experience while remaining at the forefront of new insurtech solutions.
NFP Ventures managing director Shawn Ellis said: “Indio is positioning itself to become an indispensable part of every insurance broker’s digital strategy.
“By simplifying some of the more mundane, repetitive administrative tasks, agents are able to refocus their efforts on value-add, client-facing activities.”
Last month, the company acquired Lenders Risk Services and Lenders Risk Management (Lenders Risk), a specialty managing general underwriter (MGU) focused on providing financial services solutions for credit unions and community banks.
The firm’s products including Lenders Single Interest and Mortgage Impairment offer protection for a lender’s interest in its collateral across their loan portfolio.