Foxquilt launches as a full-service provider of small business insurance
Toronto, ON (Jan. 26, 2021) – Foxquilt, a leading insurance technology company focused on empowering small businesses and B2B networks to save on small business insurance, has partnered with Digital Partners, a Munich Re company, to enable the company to operate as a full-service insurance provider and co-creator of new, end-to-end insurance products/programs for small businesses.
“Small businesses deserve immediate access to tailor-made insurance solutions that complement their unique operations. However, it requires building new architecture to support data-powered algorithms to afford such value. Our team built a dynamic underwriting platform that rewards business owners with an empowered value offering including simplicity, new products and savings. The progressive platform, Foxden, discerns the nature of the risk, underwrites and rates it, and directs it to a custom-made, proprietary product,” said Mark Morissette, CEO and Co-Founder of Foxquilt.
This Digital Partners collaboration provides the Foxquilt team with the autonomy and capabilities to design innovative products and underwriting and rating algorithms.
“Our partnership with Foxquilt will be our first in Canada, and we are delighted to support them in the Canadian SME insurance market,” said Dave Brune, President and CEO, North America, Digital Partners, a Munich Re company. “At Digital Partners, we continue to be excited to partner with InsurTechs like Foxquilt who are leveraging smart data and machine intelligence to efficiently underwrite small business risks and adapt business coverage as clients grow.”
Foxden is a full-stack underwriting platform comprised of data-layered, micro-service architecture. Each of its services, including underwriting and rating, are powered by data algorithms to drive actions across the platform. Foxquilt is one of the first to build a back-end platform focused on profitability; the majority of InsurTechs leverage a third-party, vendor platform, don’t own the IP and are encumbered by limitations defined by the vendor. The innovative backend system goes beyond traditional insurance transactions and enables underwriting to interact and get changes to the market real-time. Agnostic to channel, (B2C, B2B, SaaS) the platform accesses new sources of data and establishes instant feedback loops to benefit the entire customer journey.
Foxquilt is a proud champion of small business owners and being powered by Foxden will allow the company to continue its mission to become the leading commercial insurance technology company in North America. In February, Foxquilt is launching their initial commercial lines products in Canada underwritten by Munich Re Innovation Syndicate in collaboration with Digital Partners, a Munich Re company. They will expand their offering into the U.S. this Spring.
Foxquilt is a Canadian financial technology company that creates new value opportunities for customers by bringing people and communities together online with a smart and modern approach to insurance. Leveraging innovative technology and creating unique products, Foxquilt makes it easy for customers to buy insurance online from leading carriers and access group purchasing power. Foxquilt customers achieve savings upfront on premiums, reduced deductibles and are rewarded with further savings at renewal.
For more information, please visit www.foxquilt.com.
About Digital Partners, a Munich Re company
Digital Partners provides InsurTechs and digital distributors with a comprehensive, go-to-market partnership, built on the financial strength and expertise of Munich Re. Our partners bring excellence in customer engagement, technology, and brand while our support includes insurance capacity with experimental underwriting, alongside product expertise, data analytics, technology to manage data and carrier connectivity, execution and operational expertise. For more information, visit www.munichre.com/digital-partners/.
About Munich Re
Munich Re is one of the world’s leading providers of reinsurance, primary insurance, and insurance-related risk solutions. The Group consists of the reinsurance and ERGO business segments, as well as the asset manager MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake to the 2019 Pacific typhoon season. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies, cyber attacks or pandemics. The Group is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals. For more information, visit www.munichre.com.
SOURCE: Foxquilt Inc.Tags: Foxquilt, InsurTech, InsurTech Spotlight, Munich Re, partnership