This interview is part of our new AI in Insurance series, where we interview the world's top thought leaders on the front lines of the intersections between AI and insurance.
In this interview, we speak with Mike Furlong, CEO and co-founder of Indio Technologies understand how his company utilizes automation and plans to utilize AI to transform insurance, and what the future of the insurance industry holds.
1. What’s the story behind Indio Technologies? Why and how did you begin?
MF: Indio Technologies Inc. is a management software platform for property and casualty (P&C) insurance providers. Indio’s solution speeds up the process for P&C insurance brokers and their clients by moving the entire insurance application and renewal process into the cloud. As a result, brokers experience a significant reduction in operational costs, inefficiencies, and errors & omissions, while being able to drastically improve the insurance buying experience for their clients.
Indio was born out of experiencing a pain point first hand when purchasing business insurance. Prior to founding Indio, I started my own company where I was responsible for securing business insurance, which was an extremely paper-driven, manual and inefficient process. While at the time many investors were beginning to back companies that were replacing the insurance broker, I felt that this role was irreplaceable due to the value, relationships and advice they’re able to provide to their clients. Instead of moving forward on this path, I sought to create a solution that would equip brokers with the right tools and software that would make their processes more efficient. This sparked the creation of Indio Technologies Inc.
2. Please describe your use case and if/how Indio uses artificial intelligence? In addition, please share a specific customer/user that benefits from using Indio. What has Indio done for them?
MF: Indio capitalizes on automation to enhance the workflow management and digital form solution aspects of the platform. While AI has not been implemented within Indio just yet, I’m excited and optimistic about how this technology is continuing to unfold and shape the insurance industry.
Indio is able to take over 7,000 insurance carrier applications and turn them into digitized “smart forms” for users. Our platform then maps common data points across these forms, automatically inputting common overlapped information that both the broker and business need, entirely eliminating data duplication. Once complete, brokers can download their applications that seamlessly transform back into their original insurance carrier PDF form. This unique process significantly decreases the total number of fields a broker is required to complete in an application, cutting downtime on keystrokes.
Brokers are also able to take advantage of other automated functions within Indio such as e-signature solutions and interactive schedule workbooks. These user benefits enable brokers to work more efficiently, effectively and provide a better experience for their clients.
3. What other AI use cases in Insurance are you excited about?
MF: I find the growing trend of implementing chatbots as a client service strategy to be an exciting and novel concept for the industry. We’re continuing to see chatbots utilized as an innovative resource to form unique relationships with clients and also ease the responsibilities of brokers. By automating lower-level interactions, chatbots can better help brokers determine the needs of their clients by providing personalized recommendations and guidance.
4. Where will Indio be in five years?
MF: At Indio, our mission is to connect and automate the entire business insurance transaction onto one platform. We’re continuously working towards being the platform where the system of engagement takes place between brokers and their clients, in addition to completing the insurance transaction renewal lifecycle. We look forward to providing our users with innovative features that help deliver a fully digital and efficient experience.