Foxquilt, a leading North American InsurTech specialising in embedded small business insurance technology, has revealed a strategic and long-term capacity relationship with global insurance provider Markel.
This collaboration is set to drive embedded insurance innovation for small business owners, agents/brokers, and enterprise partners across North America.
Foxquilt’s full-stack underwriting platform, powered by data analytics, will play a pivotal role in recommending tailored coverage and pricing from its proprietary commercial insurance products.
The move will also see Foxquilt enhance its footprint in the United States. This expansion aligns with the ongoing growth of embedded partnerships, ensuring that small business owners have access to insurance precisely when and where they need it.
This will be achieved by leveraging Markel’s expertise in small business insurance and Foxquilt’s embedded insurance technology, to support business owners and the agents, brokers, and enterprises they work with.
Mark Morissette, Foxquilt CEO and co-founder, said, “In a world where buyer autonomy and instant end-to-end results have been normalised, 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.
“Our disciplined focus on innovating great technologies and products as the bridge between small business owners and their enterprise partners has translated into valuable, compounding returns of growth and underwriting profitability. 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 continued.
Markel’s Scott Whitehead, Managing Director, Markel Insurtech Underwriters, added, “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.”
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