Foxquilt, a digital managing general agent specializing in embedded small business insurance technology, announced a strategic and long-term capacity relationship with global specialty insurance provider, Markel.
Foxquilt said it utilizes a full-stack underwriting platform, powered by data analytics, to recommend tailored coverage and pricing from Foxquilt’s proprietary commercial insurance products. Small business and micro-enterprise owners can also quote and bind entirely online.
All of Foxquilt’s IP has been built in-house, allowing for an agile response in integrating to each unique agent, broker, and enterprise partner’s ecosystem – ultimately creating embedded success and enhanced underwriting profitability.
“In a world where buyer autonomy and instant end-to-end results have been normalized, the insurance space has lacked the technology investment that affords this, now, table-stakes experience. Small business owners should have the opportunity to access fair value business insurance at any point of sale or trading experience with an enterprise partner,” said Mark Morissette, Foxquilt CEO and co-founder, in a statement.
“This collaboration with Markel not only supports the distribution of Foxquilt’s proprietary insurance products but also validates that an innovation leader like Markel believes in our forward-thinking vision of insurance as well,” he added.
Markel’s Scott Whitehead, Managing Director, Markel Insurtech Underwriters, says, “We are very excited to collaborate with Foxquilt and support their efforts to remove friction from the insurance buying process for small business owners throughout the country. They have a very capable team of industry veterans and forward thinkers who share our philosophy of putting customers first and delivering products in a way that consumers have grown to expect and demand.”
Backed by Markel, Foxquilt will deepen its presence in the United States, coinciding with a continued expansion of embedded partners, to ensure small business owners are met where and when they need insurance.
SOURCE: Foxquilt
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