Foxquilt, North American digital MGA, will broaden
distribution of their proprietary insurance products in the US
through a key collaboration with Markel.
CHARLOTTE, N.C., Jan. 16,
2024 /PRNewswire/ - 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,
visit https://www.foxquilt.com.
About Markel
We are Markel, 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.
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SOURCE Foxquilt Inc.