Insurtech Foxquilt has unveiled a new underwriting platform, which allows small business owners to quote, bind, and directly purchase customized business insurance online.
The Foxden platform can immediately quote and provide insurance policies for most small businesses. The initial launch currently provides insurance options for the following businesses:
- Health & fitness professionals, like personal trainers.
- Home contractors, like interior designers or cleaners.
- Creative entrepreneurs, like freelance writers or photographers.
- Personal coaches & assistants, like life and career coaches.
- Pet services, like dog walkers.
Foxquilt launched Foxden as a way to provide small business owners with direct access to insurance options.
“Ecommerce has transformed the way in which business owners transact their affairs; they trade and purchase with customers and suppliers using dynamic Ecommerce trading platforms and as personal consumers, they do the same. Yet somehow, these dynamic platforms don’t exist to allow business owners to access insurance for their operations in the same way,” said Foxquilt co-founder and CEO Mark Morisette.
Morisette added that most business insurance companies usually only provide quotation services online, and will require further communication with a broker or agent to purchase and obtain the final policy – a long process that leaves owners stuck with calling a broker and waiting weeks for multiple carrier underwriters to process the application before the policy itself can be secured.
“We set out to change that by building a platform that provides business owners insurance offerings with savings, tailored for their unique business, in minutes,” the chief executive added.
He also said that Foxden was created in order to “support the modern business customer and their specific business,” by allowing users to purchase the specific insurance coverage options they need.
“Insurance companies provide their small business customers with the same, one-size-fits-all, package because they don’t have the technology to support business owners with a customized insurance product,” he claimed.
“Customers ultimately lose value in their insurance; they end up paying more to subsidize other trades and they aren’t provided with a tailored product that complements what they actually do.”