Scout InsurTech Interview with Foxquilt

Foxquilt is an insurance technology company. They seek to empower businesses and B2B2C networks with affordable and tailored Small Business insurance. Chris Luiz sat with Chief Distribution Officer, Josh Reznick, to learn more about how Foxquilt is impacting the industry.

Who are your clients?

Our clients include both business owners and our distribution partners. We provide seamless insurance coverage whenever and wherever they need it. Foxquilt enables wholesale and agent partners through its very own 24/7 platform (Foxden) and serves enterprise partners via an embedded distribution model.

What does your product do?

Foxquilt offers proprietary admitted insurance products designed to simplify coverage while keeping it affordable and accessible. Our unique multi-operational underwriting allows customers and agents to self-select their work split, ensuring a customized policy and fair value pricing.

We specialize in three key verticals: Home Services, Personal Services and eCommerce. Whether you're a handyperson, yoga instructor or Amazon seller, our tailored underwriting and quoting process delivers a seamless, intuitive experience—putting simplicity first.

How much capital have you raised?

We’ve raised $25 million to date through a combination of angel investment, venture capital and growth equity.

Was the company born from within or outside the industry?

We are proud to say that Foxquilt was born from within the insurance industry. Both founders have extensive experience in commercial underwriting and actuarial science. Our full team brings diverse expertise across underwriting, partnerships, product development, technology and insurance. I’m proud to say our team is first class all the way!

What growth metrics have you accomplished over the last 12 months?

• Net revenue growth of 65 percent in 2024

• Wholesale and agent distribution expanded fivefold due to entry into new states and building out the U.S. agent footprint

• Eighty percent of our new business distribution came through B2B2C channel partners 

• Added 25 new distribution partners across the U.S. and Canada

Within your domain, what is the current challenge that the industry is facing?

The commercial insurance space faces significant capacity challenges, with carriers exiting states like Florida, Texas and New York due to profitability concerns. This reduces options for customers, particularly small businesses. Additionally, 40 percent of small businesses lack insurance, leaving them vulnerable to potential losses. Established business owners, new ventures or independent contractors often face difficulty accessing insurance, leading to gaps in coverage. Long wait times for policy binding and prohibitive pricing further complicate the customer experience. 

Foxquilt addresses these challenges with sophisticated underwriting, online binding and accessible products, with tailored options for a first-time buyer or an established business.

How does Foxquilt take a unique approach to providing value?

Foxquilt delivers value through tailored products, strategic partnerships, innovative technology and exceptional service. Highlights include:

• Multi-operational underwriting to accurately price diverse risk profiles

• Partnering with large enterprise and wholesale organizations to integrate insurance solutions into their customer or agent journey

• Leveraging AI to improve the customer and agent experience through our proprietary platform

• A highly skilled team committed to customer service, underwriting and technology advancements

What inspired the team to start this company?

Foxquilt was created to address a gap in the insurance industry, where customer expectations for seamless, end-to-end transactions weren’t being met. The founders identified the need for embedded insurance while working for a technology company focused on mortgage appraisals and insurance loss control. Observing the lack of insurance options for small business service providers, they developed a vision to bring small business insurance into an embedded distribution framework.

Can you share any goal(s) for the next 12 months?

Our team is jazzed up for what will be a banner 2025! Key goals are:

• Expand geographic reach to 10 additional states, bringing the total to 26, with future plans for all 50 states

• Enhance Foxden’s platform for both customers and agents, incorporating new features and leveraging AI for underwriting and customer engagement

• Expand the product suite to include Workers’ Comp, Commercial Auto and Cyber coverages

• Increase connectivity with partner networks to broaden integrated distribution

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