Insurtech Foxquilt has partnered with Munich Re subsidiary Digital Partners on end-to-end insurance products and programs for small businesses.
This Digital Partners collaboration provides the Foxquilt team with the autonomy and capabilities to design products and underwriting and rating algorithms.
Foxquilt’s Foxden underwriting platform is comprised of data-layered, micro-service architecture.
Each of its services, including underwriting and rating, are powered by data algorithms to drive actions across the platform.
“Small businesses deserve immediate access to tailor-made insurance solutions that complement their unique operations,” said said Mark Morissette, CEO and Co-Founder of Foxquilt.
“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.”
“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.”