“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.
Source: PR Newswire
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