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Tuesday, Apr 23, 2024

XILO Raises $2M In Funding

San Diego-based XILO, an insurance technology startup has raised a $2 million funding round to further its mission to help insurance agency’s automate their businesses.

The seed round was led by New Stack Ventures with participation from Act One Ventures.

Founded by Eli Zaragoza and Jon Corrin, XILO provides a quoting and sales automation platform to help independent insurance agencies convert the next generation of insurance shoppers.

“We are building whole new experiences for insurance agencies so they can retain customers and put that power in their hands and then automate things on the back-end to make their lives easier,” said Jon Corrin, co-founder and CEO at XILO. “We’re a software-as-a-service platform for agencies. It’s basically giving them their own ‘Lemonade’ (software), because that’s how they are going to compete in this digital market going into 2021.”

Serving 100 Agencies

Launched in 2019, XILO’s platform is designed to eliminate manual data entry while offering smarter integrations including managing agent productivity, client reports and among other features.

In particular, agencies can use the platform to build web forms that help them attract new business, service existing business, and automate their processes like data entry, renewals, proposals and pdf generation.

Its software also allows users to integrate forms on their website in fewer than 24 hours, said Corrin. As a result, XILO modern technology can save an agency more than 50 hours each month by adopting its platform.

Corrin said the company has acquired roughly 150 customers and plans to triple that number by the end of this year.

$2.5B Invested into InsurTech

In the U.S., traditional agencies account for roughly 90% of the insurance market and must evolve with the demands of consumers. Investors are betting that XILO will become the ‘tech standard ’ for  empowering agencies with a digital first solution.

“The insurance industry is rapidly evolving. Consumers seek a more transparent, streamlined, and technology enabled solution to purchasing a policy,” said Nick Moran, general partner at New Stack Ventures. “While more than $2.5 billion was invested into insurance technology in 2019, the traditional agency was largely ignored — left to fend for themselves with legacy solutions.”

“Jon and Eli, founders of XILO, are mission-driven and understand the needs of agencies. Their customer first mindset and determination made our decision to invest clear. We’re looking forward to helping amplify their fast momentum,” he added.


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