US-based XAGENT, a submission platform for retail property and casualty insurance agents, has netted $2.1m in seed funding.
Participation to the round came from a group of Top 100 insurance agencies, including NFP Property & Casualty Insurance Services CEO Terry Scali and Insgroup CEO Brian Kapiloff. As part of the investment, Scali will join XAGENT’s board of directors.
The company offers a 50 state submission platform to support the online experience on consumers across the US. XAGENT helps insurance agencies to quote and bind property and casualty insurance from a single location.
The app allows clients to receive bindable quotes quickly, input client information once through the connected network, access and update client data, automated renewal processing and loss run processing.
Insgroup CEO Brian Kapiloff said, “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.â€
There has been a lot of deal activity in the InsurTech space this week, with XAGENT to be the sixth company to close an investment this week. One of the recent companies to close funding was online security insurance provider Coalition, which netted a $10m Series A.
Germany-based insurance consultancy, policy management and claim handling platform FinanzRitter closed a significant seed round from Reech Corporations, this week.
Last year, North America led the way for investments in to the InsurTech space, with the region collecting 62 per cent of the $1.4bn deployed in the sector.
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