Small business-focused insurtech company Foxquilt has entered a strategic collaboration with specialty insurer Markel.

The partnership aims to drive innovation in the embedded insurance market, targeting owners of small businesses, agents, brokers and enterprise partners in North America.

The alliance will leverage Foxquilt’s full-stack underwriting platform, which employs data analytics to offer customised coverage and pricing through commercial insurance offerings.

Owners of small business and micro-enterprises could benefit from the ability to quote and attach policies online themselves, providing a comprehensive insurance experience.

The complete intellectual property of Foxquilt has been developed in-house, enabling a flexible approach to integration with the unique ecosystem of agents, brokers and enterprise partners.

With Markel’s backing, Foxquilt plans to expand its footprint in the US market.

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By GlobalData

This move is in line with the company’s strategy to grow its network of embedded partners, ensuring small business owners have access to insurance when and where they need it.

Foxquilt CEO and co-founder Mark Morissette said: “Small business owners should have the opportunity to access fair value business insurance at any point of sale or trading experience with an enterprise partner.

“Our disciplined focus on innovating great technologies and products as the bridge between small business owners and their enterprise partners has translated into valuable, compounding returns of growth and underwriting profitability.

“This collaboration with Markel not only supports the distribution of Foxquilt’s proprietary insurance products but also validates that an innovation leader like Markel believes in our forward-thinking vision of insurance as well.”

Foxquilt’s business model revolves around providing small business insurance seamlessly through an embedded distribution approach.

The company not only develops but also underwrites and distributes a comprehensive line of its own commercial insurance offerings in the US and Canada.

By harnessing data analytics and artificial intelligence, Foxquilt recommends optimal insurance coverage and pricing to meet the unique needs of small businesses via brokers, agents and enterprise partners.