Indico Data - The Unstructured Data Company - Joins Guidewire Insurtech Vanguards Program

Rhea-AI Summary

Indico Data, a leader in unstructured data solutions, has achieved over $100M in savings for major insurance companies through its innovative platform. The company has joined Guidewire's Insurtech Vanguards program, facilitating connections within the property and casualty (P&C) insurance sector. Indico's platform automates the extraction and analysis of data from unstructured sources, significantly enhancing operational efficiency. With a track record of over 90% success in AI deployment, Indico aims to further assist the insurance industry in managing unstructured data challenges.

Positive

• Achieved over $100M in cost savings for insurance clients.
• Joined Guidewire's Insurtech Vanguards program, enhancing industry connections.
• Indico's platform has a >90% success rate in AI project deployment.
• Users report an 85% reduction in process time and 400% increase in process capacity.

Negative

• None.

The Indico Unstructured Data Platform has delivered over $100M in savings for leading insurance companies

BOSTON , March 22, 2022 /PRNewswire/ -- Indico Data, the unstructured data company, today announced the company has joined Guidewire's Insurtech Vanguards program, an initiative led by Property and Casualty (P&C) cloud platform provider Guidewire (NYSE: GWRE), to help insurers learn about the hottest companies of interest to the P&C industry.

For decades, the insurance industry has been reliant on paper processes, which have created a sea of content, much of which remains untouched because extracting relevant data is often too time and labor intensive. The AI-driven Indico Unstructured Data Platform enables insurance companies to easily extract valuable insights from previously untapped data, helping them to be more efficient, competitive, and innovative.

"The insurance industry faces a unique challenge in dealing with the massive and growing problem of unstructured data," said Laura Drabik, chief evangelist at Guidewire. "Indico provides value to our P&C community in supporting their unstructured data initiatives. We look forward to facilitating deeper connections for Indico with valued customers and partners in the insurtech space." 

"Indico Data's customers in the insurance industry have identified over $100M in cost savings after deploying our unstructured data platform across their organization," said Tom Wilde, CEO,  Indico Data. "As a member of  Guidewire's Insurtech Vanguards program, we plan to engage with more P&C companies to automate, analyze, and apply the untapped, unstructured data in their enterprises. We're solving a massive challenge for insurtech companies that rely on thousands of custom forms and documents that would typically be processed and analyzed manually."

Insurtech Vanguards is a community of select startups and technology providers that are bringing novel solutions to the P&C industry. As part of the program, Guidewire provides strategic guidance to and advocates for the participating Insurtechs, while also connecting them with Guidewire's P&C customers.

The Indico Unstructured Data Platform
Built around a breakthrough human AI and machine teaching approach, the Indico Unstructured Data Platform is the first and only solution to address unstructured data – the millions of documents, emails, images, videos etc. that make up critical enterprise processes –  that doesn't rely on brittle and expensive rules or template-based approaches. It empowers employees in operations to automate, analyze, and apply unstructured data to mundane, manual processes that frequently plague data entry and analysis workflows. This allows them to focus on more rewarding, strategic work. Further, while according to Gartner, only 20 percent of AI-enabled projects reach deployment, Indico's platform customers consistently experience a greater than 90 percent success rate. This results in up to an 85 percent reduction in process time, a 400 percent increase in process capacity, and an 80 percent reduction in resources required.

To learn more about Indico Data's offerings for the insurance industry visit us here. You can also download a helpful eBook "Unlocking the value of unstructured," on the subject here.

About Indico Data
Indico Data is the unstructured data company. The innovative AI- and ML- powered Indico Unstructured Data Platform helps enterprises of all sizes to automate, analyze, and apply unstructured data –– documents, emails, images, videos and more –– to a wide range of workflows. Using Indico's software, customers gain rich insights that maximize the value of existing software investments, including RPA, CRM, ERP, and BI, by allowing these systems to work with unstructured data. Indico serves leading insurance, financial services and banking, real estate, and other data-intensive enterprises, including MetLife, PNC Bank, Chatham Financial, Cushman & Wakefield and Waste Management. Headquartered in Boston, MA, the company was recently recognized by The Boston Globe as a Top Place to Work, and in BuiltIn Best Places to Work Boston. The company's executive founding team was named to the 2022 Forbes 30 Under 30. Visit https://www.indicodata.ai to learn more.

About Guidewire Software
Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and AI to deliver our platform as a cloud service. More than 450 insurers, from new ventures to the largest and most complex in the world, run on Guidewire.

As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with 1,000+ successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localization, and innovation.

For more information, please visit www.guidewire.com and follow us on Twitter:

@Guidewire_PandC.

Media Contact:
Claudine Caruso
Guyer Group for Indico Data 
indico@guyergroup.com

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SOURCE Indico Data

FAQ

What is the significance of Indico Data's $100M savings announcement?

Indico Data reported over $100M in savings for leading insurance companies using its unstructured data platform, highlighting its effectiveness in the industry.

How does Indico Data's platform benefit the insurance industry?

Indico Data's platform automates the extraction and analysis of unstructured data, greatly improving operational efficiency for insurance companies.

What is Guidewire's Insurtech Vanguards program?

Guidewire's Insurtech Vanguards program connects select technology providers with the P&C insurance community to foster innovation.

What is the success rate of Indico Data's AI deployments?

Indico Data's platform boasts a greater than 90% success rate in AI project deployments, significantly above industry average.

When did Indico Data join the Guidewire Insurtech Vanguards program?

Indico Data announced its membership in Guidewire's Insurtech Vanguards program on March 22, 2022.