Indico Data: drive better decisions with better data

Operating successfully within the industry’s current “hard market” requires operators to think critically throughout a product’s lifecycle.

“Insurance companies compete based on their ability to make smart decisions on important questions about everything from whether to underwrite and how to price it, whether to approve claims quick processing.”

Through Indico’s new Agentic AI decision application, carriers can accelerate this process even further by automating the manual elements of underwriting clearance and improving speed-to-quote. By leveraging Intelligent Insights, carriers gain real-time, actionable data insights that can help them prioritise submissions and assess complex risks efficiently.

With so much data available nowadays, one might assume insurance companies are spoiled for choice. The challenge for carriers is ensuring they are getting the highest quality data and that it’s being used in the best way.  

“That data is often in their possession – they just aren’t able to put it into a form that drives good decisions. In insurance, so much exists in unstructured formats – particularly within commercial lines.”

Over the years, Tom has observed what he calls a “Tower of Babel” problem, where brokers collect and present data in certain ways while carriers prefer them in their own particular ways. 

The lack of a standard approach is particularly challenging in claims processing and Tom doesn’t see the situation changing in the near future – and it’s one of the problems that Indico is designed to address.

“Our challenge is to work out how to bring both the submitted data and all the other data needed for decision making into a useful format.” 

Indico’s Intelligent Intake solution does this by transforming unstructured submissions – from emails to PDFs – into structured formats. It unbundles, classifies and extracts data that carriers can use immediately.

Tom and the team at Indico Data are helping insurance companies move from basic triage and point data extractions to leveraging their data to derive the actionable insights necessary for success.

He explains: “While your data is a competitive asset, the new mandate is the ability to harness that data, make it accessible and actionable to all of your employees.”

As a starting point, he suggests identifying the types of information your organisation needs to make competitively advantageous decisions. By mapping the process from critical decisions right back to the beginning, enterprises can build a “decisioning supply chain”.

This enables the data to be identified, located and morphed into a useful format by Indico. The company’s expertise is helping insurance companies transform their unstructured data into high-fidelity structured data.

According to Tom, Indico’s work solves two critical problems facing the industry: automation and analytics.

“Enterprises get a continuous stream of inbound unstructured data in the form of emails and documents which, largely, need to be manually processed. We turn that into structured data that drives underwriting decisioning and claims decisioning.”

Alongside this, there are pools of unstructured data, such as collections of policies and historical claims data.

And through Indico’s Next Best Action (NBA) AI agents—part of Indico’s Intelligent Insights solution—underwriting teams can also receive automated recommendations on the most effective next steps for complex submissions. The system eliminates decision-making bottlenecks and shows teams how best to utilise the data they now have, helping them reduce errors and streamline operations.

Clients including AXA XL, Everest and Markel among others rely on Indico Data to automate their underwriting and claim submissions processes.

Looking ahead, Tom and his team continue developing their solutions for the insurance industry. In recent months, new features released include a Guidewire accelerator and summarisation studio. 

While the Guidewire accelerator offers a low-friction connection to Indico’s structuring capabilities, the summarisation studio creates high-quality summaries of submission bundles and underwriting claims. 

Indico is further expanding on these innovations with Intelligent Insights, offering dynamic risk scoring, full explainability, and seamless integrations with existing policy admin systems like Duck Creek and Unqork. This ensures that the new technology not only enhances decision accuracy but also maintains compliance with evolving regulatory standards.

“We already have out-of-the-box integrations with leaders in the Robotic Process Automation (RPA) space,” Tom said regarding interoperability. “We are looking to add to this moving forward with Salesforce, Microsoft Power and other policy admin systems like EIS and Duck Creek.”

Indico Data continues to be focused on commercial, specialty property and casualty insurance, with particular emphasis on the commercial space in the US and Europe. The company is currently expanding its presence within Europe with new offices opening on the continent.

On the company website, Indico Data has published a large language model (LLM) benchmark which helps users understand the performance in relation to key unstructured tasks. Updated quarterly and available in encoded AI, this benchmark reflects the company’s commitment to staying ahead in the ever-evolving AI landscape.

Tom also invites readers to check out the Unstructured Unlocked podcast: “It has been a huge success with several thousands of downloads. It’s regularly cited as one of the best podcasts in the insurance space, where we interview a wide range of industry leaders, on the key topics facing commercial insurers today. It’s not just AI, but broader topics such as change management, innovation and digital transformation.”