Indio Technologies, an application and renewal process solution developer for insurance brokers, has reportedly bagged a $6m Series A round.
The investment was led by 8VC and saw participation from 500 startups, Merus Capital and Compound, according to a report by PeHub.
The platform automates the processes of retrieving quotes from different carriers and processing insurance applications from clients. Indio simplifies the application process by using data to ensure consumers can get help with questions, and data mapping ensures they never have to answer a question twice.
Users are able to use the platform to keep track of their clients, 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.
This new investment brings the company’s total funding efforts to $8m. Indio raised a $2m seed round at the end of 2016, from NEA, Compound, Merus Capital, 500 Startups and Hiscox.
8VC is fairly active in the FinTech market, with this marking its second transaction in the space this year. Earlier in the week, the firm co-led the $5.4m seed investment in to auto trading solution Prodigy. Last year, 8VC also participated in the $2.5m funding of life insurance provider Bestow and the $140m backing in to financial operating system Addepar.
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