Indico Data
Indico Data is a Boston-based intelligent document processing provider offering transfer learning-powered automation for unstructured data intake across insurance, financial services, and healthcare sectors.
Overview
Founded in 2014 and headquartered at 55 Court Street, Boston, Indico Data develops AI solutions for automated document processing using breakthrough transfer learning technology. The company raised $55.63 million total funding across Series C rounds, including a $19 million round in June 2024 with strategic investment from Guidewire and a $22 million Series B in December 2020 co-led by Sandbox Ventures. Investors include .406 Ventures, Osage Venture Partners, Jump Capital, and Sandbox Industries. Indico's platform combines discriminative and generative AI for intelligent intake, enabling organizations to train machine learning models with orders of magnitude less data than traditional rule-based techniques. The company serves insurance carriers, financial institutions, and healthcare providers requiring high-speed, high-accuracy document processing.
Key Features
- Transfer Learning Technology: First-to-market approach requiring minimal training data compared to traditional ML methods
- Hybrid AI Architecture: Combined discriminative and generative AI for document understanding
- Intelligent Intake Solution: Automated processing of unstructured data maintaining speed and accuracy simultaneously
- Template-Free Processing: No predefined templates required for document extraction
- Industry-Specific Models: Pre-trained models for insurance, financial services, and healthcare documents
- Workflow Integration: API connectivity to existing business systems and RPA platforms
Use Cases
Property & Casualty Insurance Automation
Insurance carriers deploy Indico Data to automate commercial lines submissions, processing broker emails with policy applications, loss runs, certificates of insurance, and financial statements. The platform classifies document types, extracts risk information, validates data completeness, and routes to underwriting systems. Guidewire integration enables carriers to eliminate manual document intake bottlenecks, accelerating quote turnaround times while maintaining underwriting accuracy.
Financial Services Document Processing
Banks and asset managers automate loan application processing by extracting data from tax returns, pay stubs, bank statements, and credit reports. Indico's transfer learning models adapt to institution-specific document formats with minimal training examples. Extracted financial data flows to loan origination systems for automated decisioning on consumer and commercial credit applications, reducing application processing time from days to hours.
Healthcare Claims and Prior Authorization
Healthcare payers and providers process medical records, prior authorization requests, and claims attachments through Indico's intelligent intake platform. The system extracts diagnosis codes, procedure details, medical necessity justifications, and supporting clinical information. Automated extraction accelerates claims adjudication and prior authorization decisions while reducing manual review costs for administrative staff.
Technical Specifications
| Feature | Specification |
|---|---|
| Core Technology | Transfer learning, discriminative and generative AI |
| Founded | 2014 |
| Total Funding | $55.63 million (Series C) |
| Recent Funding | $19M (June 2024, Guidewire strategic investment) |
| Investors | Guidewire, .406 Ventures, Osage Venture Partners, Jump Capital, Sandbox Ventures |
| Training Efficiency | Orders of magnitude less data than traditional ML |
| Industries | Insurance, financial services, healthcare |
| Deployment | Cloud API, enterprise integration |
| Notable Partnership | Guidewire Marketplace integration |
Resources
- Website
- Intelligent Document Processing Guide
- Series C Funding Announcement
- Guidewire Investment News
Company Information
Headquarters: Boston, Massachusetts, United States
Address: 55 Court Street, Boston
Founded: 2014
Total Funding: $55.63 million
Recent Round: $19 million Series C (June 2024)
Strategic Partner: Guidewire Software
Key Investors: .406 Ventures, Osage Venture Partners, Jump Capital, Sandbox Ventures, Sandbox Industries
