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Foxquilt to Support Small Businesses with Smarter Insurance

By CIOReview | Monday, July 20, 2020
Mark Morissette, CEO & Co-Founder

Mark Morissette, CEO & Co-Founder

Foxquilt, an Insurtech company, is helping small businesses so that they can apply digital solutions and empower their consumers.

FREMONT, CA: Recently Foxquilt, a leading Insurance Technology company, has declared that it has raised $3.5M in seed funding.

The COVID-19 crisis has focused the value of community and increased the necessity for businesses to implement digital solutions, exceed innovative offerings, and empower their consumers. Foxquilt will utilize their new $3.5M seed so that they can continuously innovate the technologies and data science that will offer small businesses with personalized insurance at considerable savings.

Foxquilt will offer power to the small businesses and B2B networks so that they can save Business Insurance by leveraging their Insurance-as-a-Service platform and distinctive underwriting infrastructure. Furthermore, the company has recently aligned with numerous underwriting partners which allowed the company to become a full-service Insurance supplier and developer of new products for small businesses.

The CEO and Co-Founder of Foxquilt, Mark Morissette says, "receiving our $3.5M seed round allows us to move forward in transforming our insurance platform to become a full-service provider, so we can continue supporting small business owners through COVID-19 and beyond." He even mentions that "our group has hired nine additional team members across all functions in the past sixty days. We are excited to further pursue our mission to become the leading Commercial Insurance Technology company in North America."

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Foxquilt provides the business owner with simplicity, savings, and new insurance products. The company's full-stack underwriting platform controls smart data and machine intelligence, to determine the nature of the business so that they can effectively underwrite the offers risks and complement it with the appropriate coverages. Their serverless micro-service architecture allows go-to-market speed while getting ready to scale when the business grows.

The next step of the company will be to become a full-service insurance contributor with a self-serve platform that permits the customers to buy policies online and modify the policy features as their business requirements. They will even launch proprietary small business products in the future, along with new distribution channels that consist of direct-to-consumer, B2B integrations and open APIs with selected partners.