Indemn raises $1.9 million

New York-based Indemn has closed a $1.9 million pre-seed funding round led by Markd, with participation from Afterwork Ventures, Everywhere Ventures, and a group of insurance professionals from Australia and the US.

Established in 2021, Indemn’s platform uses artificial intelligence to simplify insurance discussions and purchasing. Its virtual assistant can explain coverage options, costs, and details of different packages, among other things.

The startup offers its solution to insurance companies and also sells select coverages to consumers.

“We’re thrilled with the initial funding and support from investors who believe in our vision to transform the insurance acquisition experience with Large Language Models. Creating a better way for people to interact with insurance has been a long time coming and we couldn’t be more excited to continue building the solution.” – Kyle Geoghan, co-founder & CEO of Indemn.

“The Indemn team, with its innovative product and early adoption of generative AI, is poised to improve the way insurance is purchased online. Far before the hype, the team’s expansive work with this tech was driven by a need to find a solution for the primary challenges within insurance distribution. This work is bolstered by Kyle’s deep understanding of insurance, accumulated from his background in a family agency and as an early employee at Coverwallet. All this aligns perfectly with our belief in supporting long-standing, existing insurance channels.” – Parker Beauchamp, managing partner at Markd.