"Indio was founded on the belief that technology can make insurance processes faster and simpler," says Michael Furlong, the company's chief executive officer and co-founder. (Photo: Shutterstock)
Applied Systems announced today that it will buy Indio Technologies, Inc.
The insurance technology and software firm said the acquisition is a key component of its investment in digitizing end-to-end commercial lines services for agencies, brokers, insurers and insureds.
"In commercial lines today, the process for agencies and insurers to collect and receive data throughout the submission process is often very manual and disparate, creating friction, cost and lost sales opportunities," Applied Systems CEO Taylor Rhodes said in a press release. "Applied's investment in Indio is a major statement of our commitment to automating the commercial lines submission process and enabling agencies, brokers, insurers and insureds to engage with each other and exchange data needed in the sales process more efficiently."
Indio makes an insurance application and renewal process solution that enables agencies and brokers to automate client risk data collection as well as the application experience. Merging the two companies' technology will "provide customers (with) a collaborative and automated data capture experience, increasing the velocity of the insurance application and renewal lifecycle while lowering costs and reducing the risk of errors and omissions," according to the statement from Applied.
"Indio was founded on the belief that technology can make insurance processes faster and simpler while keeping customer experience as the number one priority for an agency," Michael Furlong, chief executive officer and co-founder of Indio, said in a press release. "This acquisition will provide our customers and employees with access to new innovation, resources and scale to further transform agencies' and brokers' daily workflows and accelerate business growth."
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Elana Ashanti Jefferson
Elana Ashanti Jefferson serves as ALM's PropertyCasualty360 Group Chief Editor. She is a veteran journalist and communications professional. Reach her by sending an e-mail to [email protected].
