
Xagent
Single-entry market access solution for property and casualty (P&C) agents.
Date | Investors | Amount | Round |
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investor investor investor | €0.0 | round | |
investor investor investor | €0.0 | round | |
N/A | Acquisition | ||
Total Funding | 000k |





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Xagent, founded in 2015 by Bryan Baird, established itself in the insurtech sector by developing a platform to streamline the insurance procurement process for retail property and casualty (P&C) agents. The company's primary offering was a single-entry, multi-quote platform that enabled agents to submit and bind both standard and surplus lines of business insurance across all 50 states. This addressed a significant inefficiency in the industry, which often required agents to re-enter customer data multiple times across different carrier systems to obtain quotes.
The core of Xagent's service was its Universal Submission App, which allowed agents to input client information once to receive multiple bindable quotes from a variety of carriers. The platform was designed to serve insurance agencies of all sizes, helping them save time and more effectively serve their commercial clients. By connecting electronically to multiple carrier systems, Xagent provided a more consistent and faster method for rating, quoting, and binding commercial lines. The business model focused on enhancing the capabilities of the insurance agent, providing them with a digital tool to compete in an increasingly online marketplace.
The company successfully secured a total of $3.3 million in funding over two seed rounds. The first round in March 2018 brought in $2.1 million from a group of prominent insurance agencies, including NFP, and led to NFP's P&C division CEO, Terry Scali, joining Xagent's board. A second seed round in August 2018 raised an additional $1.2 million. This financial backing highlighted the industry's confidence in the platform's potential. In a strategic move to consolidate the market, Xagent was acquired by Bold Penguin on January 2, 2020. The acquisition was intended to integrate Xagent's technology with Bold Penguin's own commercial insurance exchange, creating a more comprehensive solution for agents and carriers.
Keywords: insurtech, property and casualty insurance, P&C insurance platform, insurance quoting, insurance binding, commercial insurance, surplus lines, insurance agent tool, single-entry submission, Universal Submission App, Bryan Baird, Bold Penguin acquisition, insurance marketplace, digital insurance, agency automation, multi-quote platform, insurance technology, Reston startup, commercial lines insurance, financial software