Guidewire, a platform provider for property and casualty (P&C) re/insurers, has made a considerable investment towards a $19 million funding round for Indico Data, a firm which automates critical workflows for enterprises in document-intensives industries, including insurance and financial services.
The company’s latest funding round was led by .406 ventures, and was joined by Guidewire and existing investors, Sandbox Industries, Osage Venture Partners, and Jump Capital.
The funding is set to play an instrumental role towards enhancing Indico Data’s first to market hybrid Discriminative and Generative AI platform, which is anticipated to extend the company’s global reach.
In addition, Indico Data, a former Guidewire Insurtech Vanguard and current Guidewire PartnerConnect Solution partner, has announced that its Ready for Guidewire validated accelerator, an integration designed to connect Indico Data’s intelligent intake solution with Guidewire PolicyCenter, is coming soon.
From what we understand, this integration will address some of the key challenges faced by underwriters in managing the volume and complexity of unstructured data in broker submissions.
Tom Wilde, CEO of Indico Data, commented: “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.”
Jay Grayson, Head of Corporate Development & New Ventures at Guidewire, said: “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.”
