Indigo, the emerging medical professional liability (MPL) insurance platform founded on leveraging artificial intelligence, expanded data, and advanced technology to deliver customized coverage pricing for physicians, reports making significant strides since its launch in October 2023. The company initially grabbed the industry’s attention when it announced that the AMA Insurance Agency, a subsidiary of the American Medical Association, had partnered with Indigo to exclusively offer its medical liability coverage to physician members.
Medical Liability Monitor first interviewed Indigo co-founder and chief executive officer Jared Kaplan shortly after the company launched and announced its partnership with the AMA (see MLM, December 2023). Catching up a little more than a year later, Kaplan reports that Indigo has expanded its coverage from seven states to 48, grown its distribution network, and significantly increased application volume. Reflecting on the company’s progress, he emphasized the rapid pace of growth.
“We are light-years ahead of where we were at launch,” he said. “We generated 4,000 submissions in 2024, and growth continued on a month-over-month basis, regardless of seasonality. We are now positioned to hit the ground running in 2025.”
Kaplan attributes much of Indigo’s success to its proprietary risk assessment model, which eliminates traditional applications by leveraging alternative data points obtained through a physician’s National Provider Identifier. This approach, he says, allows the company to price policies more accurately and efficiently.
“We’ve probably adjusted our underwriting algorithm 10 to 12 times over the past year,” Kaplan said. “Our goal is to quote 50% of submissions, and for half of those quotes, we aim to save doctors 10% or more.”
Indigo’s strategy has yielded promising results. In its first year, the company wrote $4.5 million in premiums and insured more than 300 physicians. Notably, it has yet to experience a single claim.
“We’re still in our infancy, but knock on wood, we haven’t had a claim yet,” Kaplan said. “It’s too early to declare victory, but we are absolutely on the right track. We know this is a longer-tail line, and while the frequency of claims has been lower than expected, we remain focused on maintaining strong risk selection practices to sustain this trend.”
Kaplan noted that while the broader medical malpractice industry operates at a combined ratio of 103% to 105%, Indigo’s data-driven underwriting strategy has positioned it for more favorable loss ratios.
By embracing a technology-first approach, Indigo Insurance has streamlined operations, processing thousands of submissions with minimal personnel.
“We did 4,000 submissions last year with just two people,” Kaplan said. “This year, we’ll likely double that volume without doubling our team.”
Looking ahead, the company plans to enhance its technology platform by introducing real-time policy management tools for brokers and physicians.
“By the end of the year, we will have a first-class broker portal that makes managing policies as seamless as shopping on Apple’s website,” Kaplan said.
Indigo is focused on growing sustainably and strengthening its brand recognition. While Kaplan acknowledges the challenges of competing against larger, established insurers, he believes the company’s agility provides a strategic advantage.
“We can move at lightning speed, unlike large incumbents with bureaucratic decision-making processes,” he said. “Our goal is to be a top 10 carrier in the physician segment within five years and a top 10 carrier in the space within a decade.”
Image by Toowongsa Anurak from iStock.
