Indico Data Closes $19M Funding Round and Secures Strategic Investment from P&C Software Platform Leader Guidewire

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Jun 06, 2024, 09:00 ET

Guidewire partnership also includes the future launch of the Ready for Guidewire validated Indico accelerator, which will enable insurers to automatically ingest unstructured submission data into PolicyCenter, drastically improving decision-making in the underwriting process

BOSTON, June 6, 2024 /PRNewswire/ -- Indico Data, the industry's leading solution for the automating of critical intake workflows across the policy lifecycle, today announced the successful closure of a $19M funding round with a strategic investment from Guidewire, a premier platform for Property and Casualty (P&C) insurers. This strategic financial infusion and partnership with Guidewire will accelerate Indico Data's mission to deliver cutting-edge AI technology to enable enterprises to make better decisions with better data driving improved operational efficiency and top-line revenue growth.

Indico's latest funding round, led by .406 ventures and joined by Guidewire and existing investors, Sandbox Industries, Osage Venture Partners, and Jump Capital, signifies a strong vote of confidence in Indico Data's momentum and its pivotal role in the data-to-decision revolution. The investment will be instrumental in enhancing the company's first to market "hybrid" Discriminative and Generative AI platform, extending its global reach, and bolstering customer success initiatives, ensuring enterprises can leverage their data like never before.

In conjunction with this investment, Indico Data, a former Guidewire Insurtech Vanguard and current Guidewire PartnerConnect Solution partner, is excited to announce that its Ready for Guidewire validated accelerator, a powerful integration designed to seamlessly connect Indico Data's intelligent intake solution with Guidewire PolicyCenter, is coming soon. The 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, a process that is not only tedious but also prone to errors.

By leveraging Indico's Intelligent Intake solution, underwriters will be able to automate data population in PolicyCenter, processing structured, semi-structured, and unstructured data with ease. This integration will ensure immediate access to vital data, allowing underwriters to expedite the quote process, enhance decision-making, and ultimately grow underwriting premiums.

"We are thrilled to announce the successful closure of our latest funding round, which includes a strategic investment from Guidewire," said Tom Wilde, CEO of Indico Data. "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."

"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," said Jay Grayson, Head of Corporate Development & New Ventures at Guidewire. "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."

About Indico Data
Indico Data automates critical workflows for enterprises in document-intensive industries, including insurance, financial services and healthcare. Leveraging Indico's first to market hybrid Discriminative and Generative AI technology, Indico's Intelligent Intake™ Solution, enables organizations to free their experts from tedious, manual tasks, allowing them to drive better decisions with better data. Visit IndicoData.ai to learn more.

SOURCE Indico Data