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 partnership marks a significant step forward in revolutionizing the small business insurance industry by combining Foxquilt’s innovative technology and Markel’s deep knowledge and expertise.
Foxquilt’s Underwriting Platform
Foxquilt distinguishes itself through its exceptional underwriting platform. Powered by data analytics, the platform recommends tailored coverage and pricing from Foxquilt’s proprietary commercial insurance products. By leveraging advanced technology and a wealth of data, Foxquilt can provide small business owners with accurate and personalized insurance options.
End-to-End Insurance Journey
Small business and micro-enterprise owners can now experience a streamlined and efficient insurance journey, thanks to Foxquilt’s platform. They can quickly obtain quotes and purchase their insurance policies entirely online, eliminating the need for manual paperwork and lengthy waiting periods. This end-to-end digital experience ensures convenience and satisfaction for small business owners.
In-House IP and Agile Integration
A key advantage of Foxquilt is that all of its intellectual property (IP) has been developed in-house. This allows the company to respond quickly and adapt seamlessly when integrating with agents, brokers, and enterprise partners. Rather than relying on external vendors, Foxquilt’s in-house expertise enables efficient and effective integration, adding value to all stakeholders involved.
Normalization of Buyer Autonomy
In a world where buyer autonomy and instant results have become the norm, the insurance industry has lagged behind in adopting technology to meet customer expectations. Foxquilt aims to bridge this gap by providing a user-friendly and tech-driven insurance experience. The collaboration between Foxquilt and Markel demonstrates their commitment to meeting the demands of modern small business owners.
Growth and Underwriting Profitability
Foxquilt’s focus on innovating great technologies and products has yielded valuable and compounding returns in terms of growth and underwriting profitability. By continually improving their offerings and leveraging their expertise, Foxquilt has positioned itself as a leading player in the small business insurance market.
Validation from Markel
The collaboration with Markel not only supports the distribution of Foxquilt’s proprietary insurance products, but also validates the company’s forward-thinking vision for insurance. Markel’s recognition of Foxquilt’s innovative approach underscores its potential to disrupt and transform the insurance landscape.
Empowering Small Business Owners
Both Foxquilt and Markel share a common belief in empowering small business owners with innovative access to tailored coverage. This partnership will enable small business owners to take control of their insurance needs, providing them with customized solutions that suit their unique requirements.
Synergies between Markel and Foxquilt
By leveraging Markel’s deep knowledge of small business insurance and Foxquilt’s embedded insurance technology, the partnership creates synergies that benefit business owners, as well as the agents, brokers, and enterprises they work with. These synergies will foster an environment of collaboration and innovation, driving the industry forward.
Expansion Plans with Markel
Backed by Markel, Foxquilt has ambitious plans to expand its presence in the United States. This expansion aligns with the company’s commitment to providing embedded insurance to small business owners, ensuring they are met with tailored coverage when and where they need it. Furthermore, Foxquilt aims to bolster its network of embedded partners, increasing the accessibility and availability of its innovative insurance solutions.
The partnership between Foxquilt and Markel promises to revolutionize the small business insurance landscape. By harnessing the power of technology, data analytics, and deep industry knowledge, the two companies will empower small business owners with tailored coverage options and seamless insurance experiences. This collaboration showcases the potential for innovation in the insurance industry and sets a new standard for customer-centric solutions. As Foxquilt expands its reach with the support of Markel, small business owners can look forward to a future where their insurance needs are met efficiently and effectively.