InsurTech Spotlight: Foxquilt

Foxquilt

Company: Foxquilt

Website: www.foxquilt.com

Business Category: An insurance practitioner (insurer, MGA, broker, agent)

Maturity Status: Startup (less than 3 years since product went into production)

Product or Service: Foxquilt Home & Business Insurance

Area: Property & Casualty Insurance

Foxquilt is a leading Insurance Technology company focused on empowering small businesses and B2B networks to save on Small Business Insurance. Our Insurance-as-a-Service platform is complemented by a unique underwriting infrastructure. Foxquilt has partnered with multiple underwriting partners to become a full-service Insurance provider and co-creator of new, end-to-end insurance products and programs for small businesses.

Leveraging innovative technology and creating unique products, we make it easy for customers to buy insurance online and access group purchasing power. Foxquilt customers achieve savings upfront on premiums, reduced deductibles and are rewarded with further savings at renewal.

What makes us an InsurTech:

Our team continues to develop a dynamic underwriting platform that is focused on rewarding business owners with an empowered value offering including simplicity, new products and savings. We’ve designed innovative architecture and underwriting algorithms that will transform us into a leading full-service insurance provider. Our customers will be rewarded with a self-serve platform that allows each to rate, quote and bind online. In addition, we have designed self-serve features to allow policy holders to submit endorsements, change policy details, obtain certificates, add additional insureds and more.

Major features & technology used:

Foxquilt has developed a full-stack underwriting platform. Their architecture and data algorithms allow for precise segmentation, predictive underwriting and automation to tailor-made proprietary commercial products. Foxquilt is backed by Reinsurers affording them the autonomy to design and innovate new distribution channels – including B2C, B2B and customized products for small businesses. Foxquilt leverages a serverless microservice architecture which allows them to manage high volumes without any changes to their platform, thus avoiding “server idling” costs. Customers will also be able to bind and edit policy details online with Foxquilt’s self-serve platform. The platform design enables Foxquilt with go-to-market speed while being architecturally ready to scale as the business grows. This will result in streamlined processes and significantly reduced administration costs down the line.

News & Updates

See the latest Foxquilt news.

About Foxquilt

Foxquilt is an Insurance technology company focused on empowering small businesses and B2B networks to save on Small Business insurance. Our Insurance-as-a-Service platform is complemented by a unique data and machine learning underwriting infrastructure. We create new value opportunities for customers by bringing people and communities together online with a smart and modern approach to insurance. For more information, please visit www.foxquilt.com.

Source: Foxquilt

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