Foxquilt, a main insurance technology company zeroed in on engaging small businesses and B2B networks to save money on small business insurance, has partnered with Digital Partners, a Munich Re company, to empower the company to work as a full-administration insurance supplier and co-creator of new, end-to-end insurance items/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 furnishes the Foxquilt group with the autonomy and abilities to plan inventive items 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 information layered, miniature help architecture. Every one of its administrations, including underwriting and rating, are powered by information algorithms to drive activities across the platform. Foxquilt is one of the first to fabricate a back-end platform zeroed in on productivity; most of insurtechs influence an outsider, vendor platform, don't claim the IP and are encumbered by impediments characterized by the vendor. The creative backend framework goes past customary insurance exchanges and empowers underwriting to interface and get changes to the market real-time. Skeptic to channel, (B2C, B2B, SaaS) the platform gets to new wellsprings of information and builds up moment feedback circles to profit the entire customer venture.
Foxquilt is a pleased boss of small entrepreneurs and being powered by Foxden will permit the company to continue its central goal to become the main commercial insurance technology company in North America. In February, Foxquilt is dispatching their underlying commercial lines items in Canada guaranteed by Munich Re Innovation Syndicate in collaboration with Digital Partners, a Munich Re company. They will extend their contribution into the U.S. this Spring.
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.
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.