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Foxquilt Announces Collaboration with Digital Partners

By CIOReview | Tuesday, February 16, 2021

This partnership with Digital Partners gives the Foxquilt team the autonomy and the opportunity to develop innovative products and underwrite and rate algorithms.

FREMONT, CA: Foxquilt, a leading insurance technology firm focusing on helping small companies and B2B networks to save on small business insurance, has collaborated with Digital Partners, a Munich Re corporation, to allow the company to act as a full-service insurance broker and co-creator of innovative end-to-end insurance products or programs for small businesses.

"Small businesses deserve immediate access to tailor-made insurance solutions that complement their unique operations. 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," said Mark Morissette, CEO, and Co-Founder, Foxquilt.

This partnership with Digital Partners gives the Foxquilt team the autonomy and the opportunity to develop innovative products and underwrite and rate algorithms. "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."

Foxden is a full-stack underwriting framework composed of a data-layer, micro-service architecture. Each of its services, including underwriting and ranking, is driven by data algorithms to guide actions across the network. Foxquilt is one of the first to create a profitability-focused backend infrastructure; most insurrectionists exploit a third-party vendor platform, do not own the IP, and are burdened by the vendor's constraints. The revolutionary backend technology moves beyond conventional insurance transactions and allows underwriting to communicate and enable real-time pricing shifts.

Foxquilt is a champion of small business owners, and being driven by Foxden will allow the firm to continue its quest to become the largest commercial insurance technology company in North America. In February, in partnership with Digital Partners, the Munich Re group, Foxquilt launches its initial commercial line products in Canada under the Munich Re Innovation Syndicate. This season, they would extend their service to the U.S.