Company to make strategic acquisition as a critical element of its digital solutions that seamlessly connect agencies, brokers, insurers and insureds throughout the insurance lifecycle
UNIVERSITY PARK, Ill., Dec. 04, 2019 (GLOBE NEWSWIRE) -- Applied Systems today announced that it has entered into a definitive agreement to acquire Indio Technologies, Inc. (“Indio”) as a critical component of its investment in digitizing the end-to-end commercial lines submissions process across agencies, brokers, insurers and insureds. Indio is the leading solution for the insurance application and renewal process, enabling agencies and brokers to deliver a fully automated client risk data capture and application experience. This acquisition will expand Applied’s commercial lines solutions and demonstrates the company’s commitment to advancing connectivity in the insurance lifecycle to create greater automation and value for all stakeholders of the insurance lifecycle.
Applied’s acquisition of Indio will enable the company to provide customers 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. The combined company will deliver tight integration between Indio’s solution and Applied Epic, creating significant productivity and speed advantages for agents and brokers.
“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,” said Taylor Rhodes, CEO at Applied Systems. “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.”
The collaborative data capture experience for new business and renewals will also accelerate insurer connectivity in the commercial lines submission process. IVANS, a division of Applied, will leverage Indio to expand its leading data exchange capabilities to connect agencies and brokers to insurers, and to automate information exchange throughout the submission process, minimizing friction and creating greater value for each stakeholder.
"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," said Michael Furlong, chief executive officer and co-founder of Indio. “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.”
For more information on this acquisition, please click here.
About Applied Systems
Applied Systems is the leading global provider of cloud-based software that powers the business of insurance. Recognized as a pioneer in insurance automation and the innovation leader, Applied is the world’s largest provider of agency and brokerage management systems, serving customers throughout the United States, Canada, the Republic of Ireland, and the United Kingdom. By automating the insurance lifecycle, Applied’s people and products enable millions of people around the world to safeguard and protect what matters most.
In 2016, Indio founders Mike Furlong, Adam Bratt and Matt Watson 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. Prior to entry into the definitive agreement with Applied Systems, Indio raised significant venture financing from Menlo Ventures, 8VC, NEA, Merus Capital, 500 startups and more.