Canadian insurtech Foxquilt has launched an e-commerce insurance product to help business owners secure insurance coverage tailored to their specific needs. Foxquilt, a leading insurance tech serving small businesses in North America, has announced the launch of a new e-commerce insurance product.
With this new product, business owners will be able to secure according to their specific needs, completely online, in their own time and at better prices than they are used to. The company plans to launch its e-commerce product in the US later this year. It also aims to expand partnerships with e-commerce marketplaces and online stores to offer coverage.
Growth and demand for eCommerce
The pandemic has accelerated the rise of e-commerce as the primary channel for shopping, and businesses have evolved to meet this new need. In 2020, more than two billion people purchased goods or services online, and in the same year, e-retail sales exceeded US$4.2 trillion worldwide. This is why more and more small businesses and entrepreneurs are turning to e-commerce and online marketplaces to meet customers where they are, changing the landscape in direct-to-consumer buying behavior. With this shift, major e-commerce marketplaces like Etsy, Shopify, and Amazon now require sellers to purchase their own insurance policies.
Changing insurance to meet the needs of small businesses
Foxquilt's eCommerce product aims to evolve insurance to meet the needs of the modern small business owner by providing an easy, fully online solution specifically designed to help new and existing e-commerce business owners quickly access insurance and meet their compliance needs. “Innovative insurance solutions for our small business customers have always been the core of our business at Foxquilt,” said Mark Morissette, Foxquilt CEO and Co-Founder. The company is committed to creating technology that empowers small business owners, giving them more control over their insurance purchasing experience, rather than being constrained by long wait times, extensive paperwork, and a lack of autonomy. Foxquilt's commercial insurance products were created specifically to support business owners' entire insurance journey online, while offering a bespoke, customized product.