xagent is featured in Novarica’s “InsureTech for Insurers” report, published September 12, 2018 (press release available here: https://novarica.com/insurers-seeing-insuretech-as-opportunity-more-than-threat-says-novarica/).
For reference, Novarica categorized xagent as a “Beneficial Bot” – not because it is a bot, rather it’s a term used in the report to cover all new technologies and the companies that bring them to the insurance industry:
HQ Reston, VA; Founded 2015, https://www.xagent.com/
Commercial Line, Risk Management, Customer Experience, Distribution
xagent provides a single-entry market access solution for commercial agents and their clients. The company’s free Universal Submission App automates small business quoting and binding for both standard and E&S markets. It also retains submitted client data in a secure repository for easy reuse in future quotes. The xagent service performs as an MGA in all 50 states and covers BOP, property, inland marine, workers’ compensation, umbrella, professional liability, and general liability.
xagent raised a total of $3.3M over two rounds of funding, the most recent of which occurred in August 2018. Investors include NFP, Insgroup, World Insurance Associates, and Tribeca Angels.
Small commercial clients’ desire for digital interactions and direct online capabilities is beginning to resemble that of personal lines shoppers. Carriers recognize the need to meet these expectations, yet many still rely on agents to be custodians of client relationships. Unlike personal lines, business insurance has distinct complexities that can expose small business owners to significant risks if they don’t have the support of an experienced agent. Platforms like xagent help commercial agents reach digitally immersed buyers while also helping insurers get their products in front of new market segments.
Novarica helps more than 100 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and of more than 300 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. More information at www.novarica.com.