COVID-19 is spotlighting the inadequacy of small business insurance to meet customers' full range of risks, according to Mark Morissette, whose insurtech Foxquilt is looking to provide a more tailored experience to those businesses.
Recently raising $3.5 million in seed funding, Foxquilt's goal is to leverage digital and date technology to provide small businesses with tailored coverage at -- hopefully -- significant savings. “We're using data science to built a sophisticated underwriting policy to join and advance small businesses with better buying power,” says Morissette.
The current pandemic has highlighted the strength of community and accelerated the need for businesses to adopt digital solutions, transcend innovative offerings and empower their customers, he says, and insurance is no different.
”Receiving our 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," Morrsette says. ”Our group has hired nine additional team members across all functions in the past sixty days.
Already live in ONtario, Canada, where the company is headquartered, Foxquilt is set to launch in US the first quarter of 2021 as a full-service insurance provider with a self-serve platform that allows customers to purchase policies online and amend policy features as their business changes.
"We are excited to further pursue our mission to become the leading Commercial Insurance Technology company in North America," he says.
