NEW YORK – December 4, 2018 – NFP Ventures, the early-stage investment arm of NFP, today announced a minority investment in Indio Technologies, Inc., a management software platform for property and casualty insurance providers. This investment will support Indio’s mission to enhance and streamline the underwriting process. The transaction closed on Oct. 25, 2018.
Indio, founded in 2016, is focused on helping property and casualty insurance agencies win more business, improve retention and save time through increased customer satisfaction. Indio tackles the inefficient information collection process by automating aspects formerly completed through manual spreadsheets. Indio’s tool eases an often overwhelming procedure for insureds and prospects while offering a streamlined system for account management staff. By digitizing and unifying the entire data collection process, Indio’s platform empowers brokers to deliver a fully digital client experience. This investment complements NFP’s desire to create a seamless property and casualty broker experience while remaining at the forefront of innovative Insurtech solutions.
"Customer expectations are being heavily shaped by digital advances, and the insurance arena is no exception," says Mike Goldman, president and COO of NFP. "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 is positioning itself to become an indispensable part of every insurance broker’s digital strategy," said Shawn Ellis, managing director of NFP Ventures. "By simplifying some of the more mundane, repetitive administrative tasks, agents are able to refocus their efforts on value-add, client-facing activities."
"We are thrilled to work more closely with NFP, drawing on their years of experience in the property and casualty industry," said Michael Furlong, Indio founder and CEO. "Their support will be critical in expanding our platform to continue to provide a seamless and fully digital broker-customer experience."
For more information, please visit https://www.useindio.com/.
In 2016, Indio founders Mike Furlong and Adam Bratt set out to modernize and digitize the insurance application and renewal process. Indio provides a workflow management platform that delivers a suite of web-based solutions for insurance agencies, helping to improve their client experience and become more efficient. Indio has raised over $8 million in venture financing from 8VC, NEA, Merus Capital and more.
About NFP Venture, LLC
NFP Venture, LLC (NFP Ventures) is a venture fund launched by NFP that focuses on strategic partnerships and investments in the emerging Insurtech, Fintech and HR Tech arenas. NFP Ventures’ mission is to find, fund and work successfully with visionary executives, providing them with expertise to foster long-term success. Typically, NFP Ventures targets companies seeking Seed to Series B investment that can benefit from NFP’s distribution, human capital and other unique assets to accelerate their growth.
NFP is a leading insurance broker and consultant that provides employee benefits, property and casualty, retirement and individual private client solutions through our licensed subsidiaries and affiliates. Our expertise is matched by our commitment to each client’s goals and is enhanced by our investments in innovative technologies in the insurance brokerage and consulting space.
NFP has more than 4,700 employees and global capabilities. Our expansive reach gives us access to highly rated insurers, vendors and financial institutions in the industry, while our locally based employees tailor each solution to meet our clients’ needs. We’ve become one of the largest insurance brokerage, consulting and wealth management firms by building enduring relationships with our clients and helping them realize their goals.
Recently NFP was named the 2nd largest retirement plan aggregator firm, as ranked by Investment News; the 5th largest US-based privately owned broker, the 5th best place to work in insurance and the 6th largest benefits broker by global revenue by Business Insurance; the 9th largest property and casualty agency by total 2016 P&C revenue and the 9th largest commercial lines agency by total 2016 P&C and commercial lines revenue by Insurance Journal; the 10th largest employee benefits broker by Employee Benefit Adviser; the 11th largest broker of US business by Business Insurance; and the 12th largest global insurance broker by Best’s Review.
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