Foxquilt Announces Strategic Collaboration with Markel
North American digital MGA Foxquilt will broaden distribution of their proprietary insurance products in the US through a key collaboration with Markel
Toronto, ON (Jan 25, 2024) – Foxquilt, a leading North American company specializing in embedded small business insurance technology, is thrilled to announce a strategic and long-term capacity relationship with global specialty insurance provider, Markel. This meaningful collaboration spearheads embedded insurance innovation for more small business owners, agents/brokers, and enterprise partners across North America.
Foxquilt utilizes a full-stack underwriting platform, powered by data analytics, to recommend tailored coverage and pricing from Foxquilt’s own proprietary commercial insurance products. Small business and micro-enterprise owners can also, in turn, quote and bind entirely online – creating a true end-to-end insurance journey. 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,” says Mark Morissette, Foxquilt CEO and Co-Founder. “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.”
Foxquilt and Markel both believe in empowering small business owners with innovative access to tailored coverage. By leveraging Markel’s deep knowledge of small business insurance and Foxquilt’s embedded insurance technology, their aligned synergies will continue support for business owners and the agents, brokers, and enterprises that they work with.
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.
About Foxquilt
Foxquilt is a leading North American Insurance Technology company focused on providing small business insurance through a seamless, embedded distribution model. Foxquilt develops, underwrites, and distributes a complete line of its own commercial insurance products in the United States and Canada. The company uses a combination of data analytics and artificial intelligence to recommend the best insurance coverage and price to meet the individual needs of its small business customers through brokers, agents, and enterprise partners. For more information, please visit www.foxquilt.com.
About Markel
Markel is a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we operate the Markel Specialty, Markel International, and Markel Global Reinsurance divisions, as well as State National, our portfolio protection and program services operations, and Nephila, our insurance-linked securities operations. Our broad array of capabilities and expertise allow us to create intelligent solutions for the most complex risk management needs. However, it is our people—and the deep, valued relationships they develop with colleagues, brokers and clients—that differentiates us worldwide. Visit Markel Corporation on the web at www.markel.com.
SOURCE: Foxquilt Inc.
Tags: Foxquilt, funding, InsurTech, InsurTech Spotlight, Markel, MGA, partnership