Insurtech firm launches as a full service insurance provider for small business
We would like to extend our warmest congratulations to Business School alumnus Mark Morrisette (MBA 2005), CEO and Co-Founder of Foxquilt, a leading "Insurtech" firm based in Toronto, Canada, who have just launched as full service provider of Small Business Insurance. Foxquilt have partnered with Digital Partners, a Munich Re firm, to provide an insurance as a service platform, known as Foxden, which focusses on empowering small businesses and B2B networks to save on small business insurance.
The collaboration with Digital Partners, the first of it's kind in Canada, allows Foxquilt to have the autonomy and capabilities to design innovative products and underwriting and rating algorithms.
Mark said of Foxquilt's achievement "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"
Foxquilt is launching their initial commercial lines products in Canada in February, expanding it's product offerings in the US in the spring.
First published: 28 January 2021