The Future of Indio Technologies
Technology | Mike Furlong, Indio Technologies | Mar 25 2020
I’m proud to announce that Indio has entered into a definitive agreement to be acquired by Applied Systems, the leading global provider of insurance software. Applied Systems has over 13,000 customers and is owned by some of the world’s leading investors, including Hellman and Friedman, Google, JMI Equity, and StonePoint Capital.
We started Indio in July of 2016 with the vision of modernizing and digitizing the insurance application process for insurance agents and brokers and their customers. The vision stemmed from our own painful and confusing experiences of applying for commercial insurance in the past. While many insurtech companies set out to displace the agent/broker or reinvent the existing value chain, we became committed to empowering the existing channel with innovative software.
Over the last three years, our dedicated team has partnered with hundreds of forward-thinking brokerages and a group of committed venture capital partners who believed in our vision. We grew Indio at a rapid rate, building our customer base by approximately 5x in the last 12 months and expanding the team to almost 100 employees. To date, there are nearly 10,000 Indio users who collectively manage millions of commercial insurance customers. In a very short period of time, we’ve grown into the leading customer engagement platform utilized by insurance agents and brokers to manage the insurance application and renewal process.
An exciting new chapter…
By joining Applied Systems, Indio will have the ability to accelerate our vision of changing the insurance application experience for the entire insurance value chain. Our team will focus on improving our existing data capture product by building an even stronger integration with Applied’s product suite. Additionally, Indio will leverage IVANS, a division of Applied and the industry’s data exchange, to build towards a fully real-time connected agency-insurer-insured transaction experience.
Most importantly, we want to assure our customers and partners that it will be business as usual. In fact, our ability to service customers has now expanded dramatically given the increased resources that we receive by being a part of Team Applied. It’s important to note that despite being owned by Applied, we will continue to support customers, partners and integrations with non-Applied broker management solutions in the market.
We remain steadfast in our original vision of helping insurance brokers modernize the way they interact with their customers. We envision a future where every business and broker in the world uses Indio to apply for insurance. This is undoubtedly a future greatly accelerated by being a part of Applied Systems.
We thank our customers, partners, investors and team for the last three years — we could not have accomplished what we have without them. We are looking forward to what the next chapter brings.
Mike Furlong is the CEO of Indio Technologies. Mike started Indio with the vision of modernizing and digitizing the insurance application process for insurance brokers and their customers. The vision stemmed from his own painful and confusing experiences of applying for commercial insurance in the past. While many insurtech companies set out to displace the broker or reinvent the existing value chain, Indio became committed to empowering the existing channel with software. Today, Indio has grown into the leading customer engagement platform utilized by insurance brokers.
Tags: Technology , Applied Systems , Indio Technologies