New InsureTech Platform Provides Significant Competitive Advantage for P&C Agents
RESTON, VIRGINIA, March 2, 2018 – XAGENT (www.xagent.com), an innovative single-entry market access solution for P&C agents, closed a $2.1M seed funding round today. Principals of several prominent Top 100 insurance agencies participated in the investment, including Terry Scali, CEO of NFP Property & Casualty Insurance Services, Inc. (a Top 15 agency) and Brian Kapiloff, CEO of Insgroup. Mr. Scali is also joining xagent’s Board of Directors.
These agencies joined the growing community of xagent users, which now tops 500 agencies, that are already registered for the upcoming Beta release of xagent’s new Universal Submission App.
“I believe that the xagent platform will significantly accelerate business for P&C insurance agencies and I didn’t want to pass on the opportunity to have a stake in it,” said Mr. Scali. “We’re excited to be on the ground floor of what we think will be a game changer for our agency and the industry.”
XAGENT was built by agents, for agents, and delivers on the promise of a truly independent single entry multi-quote exchange for business insurance. Hundreds of agencies are already saving time, binding more business, and making more money with xagent.
According to Mr. Kapiloff of Insgroup, “The xagent platform fills a void in the industry by connecting electronically to multiple carrier systems for faster, easier, and more consistent rating, quoting, and binding for commercial lines.”
Bryan Baird, xagent’s CEO, has been an agent, wholesaler, MGU, and MGA who has built and sold two successful Specialty Lines companies over his 20+ year career. Mr. Baird stated, “We bring new levels of access, choice, and compensation to the market. As industry veterans, we’ve endured the same pain as our customers have for years, and we’re already getting tremendous interest from agencies of all sizes.”
xagent (www.xagent.com) provides a 50-state single-entry submission platform for retail property and casualty (P&C) agents to expedite market access to a variety of standard and surplus lines insurance for commercial clients.