A strategic investment was made in the round by Guidewire, a leading platform used by property and casualty (P&C) insurers.

Lead investor.406 Ventures led the $19 million investment, which was matched by Guidewire, Sandbox Industries, Osage Venture Partners, and Jump Capital.

With the additional capital, Indico Data—which gained notoriety for its first-to-market "hybrid" Discriminative and Generative AI platform—hopes to improve its technology, broaden its worldwide presence, and support customer satisfaction efforts. With the use of better data and the company's AI technology, businesses can make more informed decisions that increase revenue and operational effectiveness.

Indico Data plans to introduce its Ready for Guidewire approved accelerator in conjunction with this funding. By integrating Indico Data's intelligent intake technology with Guidewire PolicyCenter, this integration will help underwriters overcome the significant difficulties they have when handling unstructured data in broker submissions. Historically, underwriters have to manually extract and enter data into PolicyCenter from submission emails and documents, a laborious and error-prone procedure that takes many hours. By automating this process, the integration will speed up the quotation process, improve decision-making, and increase underwriting premiums while guaranteeing instant access to crucial data.

"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.

"With this investment and the upcoming launch of our Guidewire accelerator, we are making great progress toward our goal of revolutionizing P&C insurers' underwriting and claims procedures. Our clients will be able to make better judgments about what risks to underwrite thanks to the connection with Guidewire PolicyCenter, which will automate the import of unstructured data. This collaboration not only supports our creative strategy but also quickens our pace of expansion and innovative solution delivery to the insurance sector.

"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," stated Jay Grayson, head of corporate development & new ventures at Guidewire.

"Indico is a great fit for Guidewire's global customer footprint because of their deep experience in developing and deploying large language model-based solutions for unstructured data, as well as their experience and expertise with P&C Insurance."