Indico Data, a leading solution for the automating of critical intake workflows across the policy lifecycle, announced the closing of a $19 million funding round with a strategic investment from Guidewire, a platform for Property and Casualty (P&C) insurers. This funding and partnership with Guidewire will drive Indico Data’s goal of delivering AI technology to enable enterprises to make better decisions with better data, driving improved operational efficiencies and top-line revenue growth.
This funding round – led by .406 ventures and joined by Guidewire and existing investors Sandbox Industries, Osage Venture Partners, and Jump Capital – emphasizes a strong confidence vote in Indico Data’s momentum and its pivotal role in the data-to-decision revolution. This investment will be essential in enhancing the company’s first to market “hybrid” Discriminative and GenAI platform, extending its global reach, and supporting customer success initiatives, ensuring enterprises can utilize their data like never before.
In connection with this funding, Indico Data (a former Guidewire Insurtech Vanguard and current Guidewire PartnerConnect Solution partner) announced a Ready for Guidewire validated accelerator, a powerful integration designed to seamlessly connect Indico Data’s intelligent intake solution with Guidewire PolicyCenter will be coming soon.
This integration will address the critical challenges faced by underwriters in managing the volume and complexity of unstructured data in broker submissions. Traditionally, underwriters spend countless hours manually extracting and inputting data from submission emails and documents into PolicyCenter, which is a process that is not only tedious but also prone to errors.
By utilizing Indico’s Intelligent Intake solution, underwriters will be able to automate data populations in PolicyCenter, processing structured, semi-structured, and unstructured data with ease. And this integration will ensure immediate access to vital data, enabling underwriters to expedite the quote process, enhance decision-making, and ultimately grow underwriting premiums.
KEY QUOTES:
“We are thrilled to announce the successful closure of our latest funding round, which includes a strategic investment from Guidewire. This investment, along with the future launch of our Guidewire accelerator, represents a significant step forward in our mission to transform the underwriting and claims processes for P&C insurers. The integration with Guidewire PolicyCenter will enable our customers to automate the ingestion of unstructured data, enabling them to make better decisions around what risk to underwrite. This partnership not only validates our innovative approach but also accelerates our ability to drive growth and deliver cutting-edge solutions to the insurance industry.”
- Tom Wilde, CEO of Indico Data
“Guidewire is focused on identifying best-of-breed solutions to ensure our customers can solve their underwriting and claims challenges end to end with the Guidewire platform. Indico’s deep experience in developing and deploying large language model-based solutions for unstructured data, combined with their experience and expertise with P&C Insurance makes them a great fit for Guidewire’s global customer footprint.”
- Jay Grayson, Head of Corporate Development & New Ventures at Guidewire
