As 2024 draws to a close, Indico Data reflects on a year marked by groundbreaking innovations, significant industry recognitions, and thought leadership at some of the most prestigious events in the insurance and technology sectors. From advancing AI-powered solutions to achieving major milestones, this year solidified Indico’s role as a leader in intelligent document processing (IDP) and AI-driven decision-making. Here’s a look back at the highlights that defined our year.
Trade shows: Showcasing innovation across the globe
In 2024, Indico Data made a real impact at major industry events, sharing insights on how AI and intelligent document processing are changing insurance workflows for the better. Through product launches, thought leadership sessions, and hands-on demos, we demonstrated our commitment to driving meaningful change in the insurance sector.
Insurtech Insights EU 2024
At Insurtech Insights EU 2024, Indico CEO Tom Wilde joined an esteemed panel of industry leaders to discuss the transformative role of AI in insurance. Highlighting the shift from the data era to the decision era, Wilde explained how Indico’s solutions empower insurers to make faster, more informed decisions.
When Indico helps a client integrate enterprise AI into their processes, we start by defining a data supply chain for them—outlining the process by which unstructured data can be turned into structured, useful data. This process is key for creating actionable insights for clients in areas like policy pricing and risk assessment. The panel also tackled pressing challenges, including regulatory compliance and maintaining ethical transparency in AI applications. Wilde underscored the need for explainable AI, stating the importance of making your decision supply chain transparent and explainable.
A successful launch at Insurtech Connect Las Vegas
One of the biggest highlights of the year was the launch of our Clearance and Triage solution at Insurtech Connect Las Vegas. Designed to complement our Intelligent Intake platform, this solution addresses critical bottlenecks in underwriting workflows, offering insurers unprecedented speed and accuracy.
The reception from attendees was overwhelmingly positive, affirming our commitment to meeting the evolving needs of the insurance industry. The launch marks a major milestone in Indico’s roadmap to revolutionize how insurers process submissions, ultimately enhancing efficiency and profitability.
Insurance Innovators London
In November, we took center stage at Insurance Innovators London, where our CEO, Tom Wilde, led an engaging session on AI-enhanced decision-making. Wilde delved into the practical applications of AI across the insurance lifecycle from underwriting to claims management, showcasing real-world examples of how technology drives better outcomes for insurers and policyholders alike.
Attendees participated in a lively roundtable discussion on integrating AI into traditional workflows and overcoming adoption challenges. Key takeaways included strategies for leveraging AI to achieve scalability and precision while maintaining a human-centric approach.
Guidewire Connections 2024 in Nashville
At Guidewire Connections 2024, we were able to equip insurance companies with knowledge on combining cutting-edge technology with practical solutions. Our booth showcased live demos of our Guidewire PolicyCenter accelerator and Clearance and Triage solution, drawing interest from clients and partners eager to transform their operations.
CEO Tom Wilde and Solution Consultant Kevin McAdams shared insights during their session at the Agility Showcase Theater, where they explored how AI empowers insurers to unlock real-time insights, streamline triaging processes, and gain a competitive edge. The event also included a Cloud Acceleration Bootcamp in collaboration with AWS and Capgemini, where participants gained actionable strategies for implementing generative AI across business lines.
2024 milestones: A year in review
This year was not only about showcasing our innovations but also achieving significant milestones that underscored our impact and market leadership. From prestigious industry recognitions to game-changing product advancements, Indico Data continued to raise the bar in intelligent document processing and AI-driven decision-making.
Industry recognitions and awards
Indico’s groundbreaking work in intelligent document processing earned accolades from leading analysts and industry experts in 2024.
Everest Group Intelligent Document Processing (IDP) Insurance PEAK Matrix® 2024
For the second consecutive year, Indico was named a “Leader” in Everest Group’s annual PEAK™ Matrix report for IDP in insurance. The report recognized our Intelligent Intake platform for its ability to automate document processing, enabling insurers to achieve faster, data-driven decisions at scale.
Everest highlighted several technical advancements that set Indico apart, including our enhanced human-in-the-loop interfaces, advanced field normalization, and robust document interrogation capabilities. They also praised the addition of over 80 pre-trained models, developed in collaboration with partners like Hugging Face and Microsoft, which empower insurers to tackle complex workflows with ease.
Indico Data listed in SPARK Matrix Report as a leader in Intelligent Document Processing
For the third year running, Indico was named a Technology Leader in Quadrant Knowledge Solutions’ SPARK Matrix™ report for IDP. The report celebrated our Intelligent Intake platform’s cutting-edge capabilities, from multimodal fusion to intuitive low-code interfaces, which allow business users to build automation models without requiring technical expertise.
Indico’s use of human-in-the-loop technology also received high marks for ensuring transparency and accuracy in decision-making, reinforcing our commitment to ethical AI practices. These recognitions underscore our continued leadership in delivering innovative solutions that help insurers streamline workflows, mitigate risks, and accelerate revenue growth.
Product innovations and strategic moves
Our journey in 2024 was marked by significant product launches and strategic initiatives that have set the stage for continued growth and innovation.
The Decision Era
This year, we embraced and championed the concept of the “Decision Era,” marking a pivotal evolution in the way businesses interact with and derive value from data. Moving beyond the traditional emphasis on data collection and storage, the Decision Era focuses on enabling smarter, faster, and more impactful decision-making powered by AI. At the heart of this transformation is the ability to harness unstructured data—documents, emails, images, and more—and convert it into actionable insights that directly influence business strategies and outcomes.
The Decision Era is about bridging the gap between raw data and meaningful action. For example, insurance companies can now leverage AI-driven tools like Indico’s Intelligent Intake platform to streamline workflows, reduce the time spent on manual processes, and ensure consistency in decision-making. By analyzing vast amounts of unstructured data and extracting key insights, these tools empower underwriters, claims adjusters, and other professionals to focus on strategic tasks rather than administrative burdens.
This transition also underscores the importance of collaboration between humans and AI. While AI automates and accelerates routine processes, human expertise remains critical for nuanced decision-making and ethical oversight. Together, this synergy creates a robust framework where organizations can confidently navigate complex challenges and seize new opportunities.
Agentic AI
Indico also launched its groundbreaking Agentic AI-powered underwriting triage and clearance application this year. Designed specifically for the commercial insurance market, this cutting-edge solution redefines underwriting workflows by addressing one of the most time-consuming and error-prone aspects of the process: submission clearance. Unveiled at the ITC Insurtech Expo in Las Vegas, the application delivers unprecedented speed, accuracy, and efficiency in transforming unstructured data into actionable insights, significantly reducing time to quote for global insurance carriers.
Built on Indico’s Agentic AI architecture, the application leverages a powerful combination of Intelligent Intake and Intelligent Insights to automate and optimize underwriting decision-making. By automating tasks such as data extraction, document classification, and submission scoring, this application enables insurers to process submissions faster while maintaining high decision accuracy.
Support for Amazon Bedrock and advancing AI-driven insights
We also announced our support for Amazon Bedrock, aligning with our mission to empower organizations through flexible AI solutions. Indico Data’s first-to-market hybrid Discriminative and Generative AI technology powers our Intelligent Intake and Intelligent Insights solutions, allowing users to achieve better decision-making through more comprehensive data analysis.
AWS customers can now bring their own GenAI key to seamlessly support their Generative AI initiatives within the Indico Data platform, providing unprecedented flexibility and adaptability in managing AI-driven processes.
Podcast highlights: Unstructured Unlocked in 2024
This year, Unstructured Unlocked continued its mission of exploring the most pressing challenges and opportunities in insurance, AI, and intelligent document processing. With 23 episodes out as of writing, the podcast solidified its place as a go-to resource for professionals seeking cutting-edge insights with high-caliber guests from across the insurance industry. Hosted by Michelle Gouveia and Tom Wilde, the show featured industry leaders who shared their expertise and perspectives on the transformative role of technology in insurance workflows.
Let’s dive into some of the most impactful episodes that defined this year’s podcast journey:
Evolving underwriting with Mandy Hunt
Episode 39 of season 1 featured Mandy Hunt, Chairperson of the Underwriting Community Board for the Chartered Insurance Institute. Hunt shared her perspective on the future of underwriting, emphasizing the importance of AI and automation in freeing underwriters to focus on strategic risk assessments. From her time leading commercial lines at RSA to her innovative insights into balancing technological advancements with professional development, Hunt’s episode provided a comprehensive view of how the industry is transforming.
Parul Kaul-Green on digital transformation in insurance
Episode 9 of season 2 featured Parul Kaul-Green, Strategic C-Suite Leader and Former Chief Digital Strategy Officer at Liberty Specialty Markets. Kaul-Green shared insights into the digital transformation journey within the insurance industry, emphasizing the need for a strategic approach to integrating new technologies. She discussed the importance of aligning digital initiatives with business objectives to drive meaningful change.
Kelly Cusick on data-driven decision-making
In season 2 episode 3, Kelly Cusick, Managing Director at Deloitte, explored the role of data in driving decision-making within the insurance sector. Cusick emphasized the importance of leveraging data analytics to gain insights and improve business outcomes. She also discussed the challenges organizations face in managing and utilizing data effectively.
Charles Morris on generative AI in insurance
In season 1 episode 41, Charles Morris, Chief Data Scientist for Financial Services at Microsoft, unpacked the evolving role of generative AI in insurance. Morris discussed how this technology goes beyond traditional AI by augmenting human decision-making and emphasized the importance of managing compliance and ethical considerations. His insights into AI’s role in high-risk applications offered actionable advice for insurers navigating the integration of generative AI into their processes.
Sunil Rao’s approach to intentional AI adoption
Episode 43 of season 1 welcomed Sunil Rao, CEO of Tribble, who shared strategies for adopting AI with purpose. Rao advocated for prioritizing high-impact, low-risk applications to ensure smooth transitions and meaningful outcomes. His discussion of AI’s potential to revolutionize underwriting processes resonated with listeners eager to embrace innovation without compromising operational stability.
Lessons learned: Industry insights from Unstructured Unlocked in 2024
This year’s episodes went beyond discussions, providing actionable insights and forward-looking advice from top industry minds. Here are some key takeaways from our esteemed guests:
Building a future-proof workforce
Mandy Hunt underscored the importance of equipping underwriters with data literacy skills to navigate AI-enhanced workflows. She advocated for a balance between technological adoption and human development, ensuring the industry evolves without overwhelming its workforce.
Silvia Scherrer, in season 2 episode 6, echoed this sentiment, pointing to demographic shifts and the need for better knowledge transfer. AI’s role as a partner to human underwriters was highlighted as essential for addressing talent shortages while maintaining expertise.
Balancing innovation with tradition
Rick Russell, retired VP at Chubb, emphasized in episode 11 of season 2 the enduring importance of underwriting discipline, even as automation reshapes the industry. Russell highlighted how AI-based automation enhances accuracy and efficiency in underwriting without compromising the principles that have guided the industry for decades. His insights serve as a reminder that successful innovation builds on, rather than replaces, foundational practices.
The strategic edge of data-driven decisions
Tom Wilde and Robin Merttens explored the “decision economy” in episode 44 of season 1, emphasizing how insurers can transform data into actionable insights with the help of intelligent document processing. By leveraging structured and unstructured data effectively, insurers gain a competitive edge while reducing operational inefficiencies.
Asif Syed, in episode 2 of season 2, focused on the foundational importance of clean, usable data for automation. His approach to balancing internal and external data sources provides a roadmap for insurers looking to improve data quality without unnecessary costs.
Ethical and transparent AI integration
Charles Morris highlighted the importance of explainable AI models to ensure regulatory compliance and build trust among stakeholders. His insights are critical as insurers increasingly integrate AI into workflows involving sensitive customer data.
Sunil Rao added practical advice on distinguishing between AI hype and genuinely transformative technologies. His advocacy for rigorous testing and validation ensures that insurers adopt solutions aligned with their strategic objectives.
Innovating with a customer-first mindset
Wendi Bukowitz, in season 2, episode 12, discussed how a customer-first approach drives meaningful innovation in insurance. By prioritizing value creation for policyholders and agents, insurers can align their efforts with real-world needs while maintaining profitability.
Farooq Sheikh, in season 2, episode 5, reinforced this approach by advocating for collaborative ecosystems that reduce tech debt and streamline customer interactions. His insights highlight the importance of designing solutions that complement human expertise.
Ringing in the new year with Indico
As we close the chapter on 2024, Indico Data celebrates a year of groundbreaking achievements, insightful conversations, and transformative innovations. From being named a leader in intelligent document processing to driving change through our podcast, this year has been a testament to our commitment to empowering insurers with enterprise AI solutions.
Looking ahead to 2025, we remain focused on advancing decision-making capabilities, enhancing workflows, and fostering meaningful industry collaborations. Thank you for joining us on this journey—here’s to another year of growth, innovation, and success!
