TLDR: InsurTech 2.0 Brings AI and Customization to Small Business Insurance, Foxquilt Says
In the connected economy, InsurTech has emerged as a category that helps bridge the gap between consumers and insurance coverage. Now, with the integration of artificial intelligence (AI), the stage is set for InsurTech 2.0. Foxquilt, a company based in Toronto, is using data analytics and AI to provide tailored insurance coverage and pricing to small businesses. Its machine-learning engine enables larger insurance companies to develop customized insurance plans for specific customer segments. AI plays a dominant role in determining the policy and price of coverage, comparing a business’s profile with others in the same industry to match the right coverage. The company recently partnered with global specialty insurer Markel to streamline the insurance buying process using its machine-learning capabilities.