Munich Re backs Canadian small business insurtech Foxquilt
Foxquilt, a Canadian insurtech focused on small business insurance, has partnered with Munich Re Digital Partners to enable the company to operate as a full-service insurance provider and develop new end-to-end insurance products/programmes for small businesses.
Foxquilt is launching its initial commercial lines products in Canada next month underwritten by Munich Re Innovation Syndicate in collaboration with Digital Partners.
The company plans to expand its offering into the US in Q2 2021. Foxquilt said it is on a "mission to become the leading commercial insurance technology company in North America".
Dave Brune, president and CEO, North America, Munich Re's Digital Partners, said: "Our partnership with Foxquilt will be our first in Canada, and we are delighted to support them in the Canadian SME insurance market. 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."
Mark Morissette, CEO and co-founder of Foxquilt, said: "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."
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