Foxquilt builds new, sophisticated underwriting platform, allowing small business owners to quote, bind and purchase tailored business insurance online and up-front.
Foxquilt, a leading insurance technology company focused on empowering small businesses and B2B networks to save on small business insurance, launched its online insurance platform in February 2021. The platform, called Foxden, allows business owners in specific industries to receive a business insurance quote, purchase and obtain their insurance policy all online and in minutes.
“Ecommerce has transformed the way in which business owners transact their affairs; they trade and purchase with customers and suppliers using dynamic Ecommerce trading platforms and as personal consumers, they do the same. Yet somehow, these dynamic platforms don’t exist to allow business owners to access insurance for their operations in the same way,” said Mark Morissette, CEO and Co-Founder of Foxquilt.
Typically, most business insurance companies can only provide a quote online and require further communication with a broker or agent to purchase and obtain the final policy. Morissette explains, “Business owners are stuck having to call a broker and wait for multiple carrier underwriters to assess a paper application using manual processes. This process can often take weeks for business owners to acquire their final insurance policy. We set out to change that by building a platform that provides business owners insurance offerings with savings, tailored for their unique business, in minutes.”
Above and beyond providing the convenience and speed of being able to buy a business insurance policy fully online, another priority for Foxquilt was to provide smarter business insurance tailored with coverages that the small business needs to stay protected. The company will also be able to provide competitive pricing and savings.
“Insurance companies provide their small business customers with the same, one-size-fits-all, package because they don’t have the technology to support business owners with a customized insurance product. For example, they will plug HVAC, locksmiths, painters all into the same contractors insurance product. But we know that painters are very different from carpenters, from locksmiths. Customers ultimately lose value in their insurance; they end up paying more to subsidize other trades and they aren’t provided with a tailored product that complements what they actually do. In fact, we know that an outdoor painter has very different insurance needs from an indoor painter. So why are we not building insurance products to support the modern customer and their specific business? Foxquilt has built an insurance product that can support the modern customer and their specific business,” said Morissette.
With this initial launch of the Foxden online platform, the company will be able to instantly quote and provide insurance policies for:
-Health & Fitness Professionals like personal trainers
-Home Contractors like interior designers or cleaners
-Creative Entrepreneurs like freelance writers or photographers
-Personal Coaches & Assistants like life and career coaches
-Pet Services like dog walkers
Foxquilt is proud to continue innovating insurance and championing small business owners. The company plans to extend their insurance solutions to the US in the Spring of this year as well.
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. Leveraging innovative technology and creating unique products, we make life easier for business owners. For more information, visit https://www.foxquilt.com
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