Applied Systems has agreed to purchase Indio Technologies as part of its plan to digitise commercial insurance application and renewal process across insurers, agencies, brokers, and insureds.
Financial terms of the transaction were not divulged.
San Francisco-based Indio Technologies offers solutions that allow agencies and brokers to offer comprehensive client risk data capture and application experience.
Applied believes that the takeover of Indio will enable it to offer customers a collaborative and automated data capture experience.
This is said to help the acquirer in speeding up the insurance application and renewal lifecycle process at reduced costs and with fewer errors and omissions.
Applied Systems will integrate Indio into its agency management system Epic.
Applied Systems CEO Taylor Rhodes said: “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’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.”
Applied unit IVANS will use Indio to expand its data-sharing abilities and connect agencies and brokers to insurers.
IVANS will also utilise Indio’s know-how to automate information exchange during the submission process.
Indio CEO and co-founder Michael Furlong said: “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.
“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.”