Indigo

What Indigo does

Indigo is a Nashville-based medical professional liability insurance carrier founded in 2023 that underwrites malpractice coverage for individual physicians and physician groups using an AI-driven underwriting model. Its core product is the Lux AI Platform, a proprietary automated underwriting system that ingests physician application data, risk profiles, and historical loss information to price and bind policies with reduced manual review; the company reports that approximately 20% of submissions are fully auto-underwritten end-to-end. Indigo holds an AM Best A- financial strength rating and operates under an exclusive distribution partnership with the AMA Insurance Agency, giving it access to the AMA's physician member base as its primary go-to-market channel.

The company sells annual medical malpractice policies directly and through the AMA channel to physicians across 48 U.S. states, insuring roughly 1,000 providers and generating over $10 million in written premiums. Indigo's business model is a standard insurance premium model: it collects premiums, sets reserves against expected losses, and earns underwriting income to the extent that losses and expenses fall below premium. Operational efficiency is driven by automated underwriting and policy administration rather than by investment income or reinsurance arbitrage, which is the structural cost advantage Indigo claims versus legacy malpractice carriers.

Indigo is led by CEO Jared Kaplan and CPO Jason Foucher, with former ProAssurance executive Howard Friedman serving on the board. In January 2026 the company closed a $50 million Series B led by Rubicon Founders with participation from Town Hall Ventures and Optum Ventures, with stated intent to scale underwriting capacity, expand geographically, and deepen the AMA Insurance Agency channel.

Name

Indigo

Legal name

Indigo Risk Retention Group Inc.

Website

https://getindigo.com

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

11–50 employees

Short description

Indigo is an AI-driven medical professional liability insurance carrier that uses its proprietary Lux AI Platform to underwrite malpractice policies for physicians across 48 U.S. states, distributed primarily through an exclusive AMA Insurance Agency partnership.

Ownership category

akta.pro rank

Product category

Medical Malpractice Insurance

NAICS

Insurance Carriers (5241), Insurance Carriers and Related Activities (524), Agencies, Brokerages, and Other Insurance Related Activities (5242), Insurance Agencies and Brokerages (524210)

SIC

Insurance Carriers, Nec (6399), Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Financial Services Personalization (Banking, Investing, Insurance) (HDAAAGAH)

akta.pro secondary industry

Responsible AI, AI Governance & Compliance Services (BPAEAHAJ)

Keywords

• Medical malpractice insurance
• AI underwriting platform
• Physician liability coverage
• Risk retention group
• Insurance broker portal

Headquarters

HQ city

Nashville

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Medical Professional Liability Insurance Premiums: Indigo generates revenue through insurance premiums paid by physicians and medical groups for medical professional liability coverage. The company acts as a risk retention group (RRG), with policies carrying A- (Excellent) AM Best rating. Premiums are customized based on individual physician risk profiles analyzed by the AI platform.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Indigo provides medical professional liability (malpractice) insurance to physicians and medical groups across all specialties, operating as a Risk Retention Group with an AM Best A- (Excellent) rating. Its proprietary Lux AI platform analyzes thousands of data points to deliver real-time customized quoting, automated underwriting (20% of submissions fully auto-underwritten by end of 2025), and individualized risk-based pricing. Distribution is through an exclusive AMA Insurance Agency partnership, a curated broker network using an AI-powered portal, and direct website quote requests.

Product overview

Indigo offers a unified AI-driven medical professional liability insurance platform centered on its proprietary Lux AI system, which automates underwriting by analyzing thousands of data points for risk assessment and customized pricing. The core platform provides medical malpractice coverage for physicians across all specialties, with distribution through AMA Insurance, curated broker partners, and a proprietary AI-powered Broker Portal enabling real-time quoting. Add-on offerings include Expert Witness Liability Coverage and free Tail Coverage for Death, Disability, and Retirement. Supporting services include digital credentialing and loss run reports, plus claims reporting and defense support with clinical risk consulting through partner OmniSure.

Differentiator

Problem solved

Functional benefit

Products and services

• Medical Professional Liability Insurance AI-driven medical malpractice insurance coverage for physicians and medical groups across all medical specialties, featuring real-time customized quoting, individualized risk-based pricing, and an AM Best A- (Excellent) rated Risk Retention Group. Targeted at individual physicians and group practices seeking modern, fast underwriting.
• AI-Powered Broker Portal Real-time quoting and binding portal that gives medmal brokers access to physician-level pricing and policy data via Indigo's Lux AI platform, eliminating admin bottlenecks and accelerating broker-driven sales. Designed for use by Indigo's curated network of medical malpractice insurance brokers.
• Expert Witness Liability Coverage AI-powered liability coverage protecting physicians who serve as expert witnesses, including defense, deposition, and negligence coverage, backed by Indigo's A- (Excellent) AM Best rated insurance. Targeted at practicing physicians who provide expert witness testimony.
• Free Tail Coverage (Death, Disability, Retirement)
• Credentialing & Loss Run Reports Service
• Claims Reporting & Defense Service

Quantifiable outcome

• 20% of submissions underwritten automatically by AI
• +3 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability6 records

Feature4 records

Partnerships

Three partnerships are on record, tiered minor and flagship.

• OmniSureminorStrategic or Co-development Partner · 1 June 2025OmniSure is Indigo's clinical risk services partner providing complimentary confidential support to help physicians reduce risk, address complaints, avoid patient safety concerns, and prevent regulatory issues or lawsuits.
• AMA Insurance Agency, Inc.flagshipChannel Partner/ Reseller/ Distributor · 1 October 2023AMA Insurance Agency, Inc., a subsidiary of the American Medical Association, works exclusively with Indigo to bring innovative medical malpractice insurance to physicians. This exclusive distribution partnership provides Indigo access to AMA's physician membership base nationwide.
• Concert Insurance GroupminorStrategic or Co-development Partner · 1 October 2023Indigo qualifies as a member of Concert Insurance Group's rating unit, which enables the company to carry an A- (Excellent) rating by AM Best.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• The Doctor's Company: Largest physician-owned medical professional liability insurer in the U.S., offering medmal coverage across all specialties. Direct competitor to Indigo for the same physician customer base, with a long-standing claims history and national footprint.
• Medical Protective (MedPro): One of the oldest and largest U.S. medmal carriers, providing professional liability coverage to physicians and healthcare groups. Competes head-to-head with Indigo for physician malpractice premiums.
• ProAssurance: Publicly traded specialty insurer with a major healthcare professional liability segment serving physicians and hospitals. Direct medmal peer; Indigo's board director Howard Friedman is a former ProAssurance executive.
• MagMutual: Physician-owned medmal carrier providing professional liability insurance to doctors and healthcare systems. Directly comparable product, customer base, and risk-bearing model to Indigo.
• Coverys: Medical professional liability insurer serving physicians, hospitals, and healthcare systems with medmal and ancillary coverages. Comparable specialty insurer competing for the same physician policyholder.
• NORCAL Mutual: Physician-owned medmal carrier (now part of ProAssurance group) providing medical professional liability insurance across the U.S. Direct competitor with similar mutual/RRG-style structure to Indigo.

Emerging players

• Aspen Medical Liability: Specialty division of Aspen Insurance focused on medical professional liability for physicians and healthcare providers. Comparable product but operates as part of a broader global specialty insurer rather than a physician-focused insurtech.
• Lemonade: AI-driven insurance platform using behavioral economics and automation for underwriting and claims. Different lines (home/renters/life/pet) but comparable 'AI-native insurer' technology DNA to Indigo's Lux platform.

Broad incumbents

• Chubb: Large global insurer with a healthcare professional liability practice serving physicians, groups, and hospitals. Overlaps with Indigo on medmal but competes across a much broader portfolio of P&C and specialty lines.
• Berkshire Hathaway Specialty Insurance: Specialty insurer within Berkshire Hathaway offering medmal and healthcare liability coverage. Larger, well-capitalized incumbent with overlap on physician malpractice products.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/indigomedmal
• LinkedInlinkedin.com/company/indigompl

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds2 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Indigo