Foxquilt Launches New Online Community-Based Insurance Technology Service
TORONTO, Nov. 27, 2018 /CNW/ - In a recent survey of Ontarians conducted by Leger, 60 percent of respondents indicated that they feel they are paying too much for insurance. Foxquilt, a growing insurance technology company leveraging big data and machine learning to transform consumer buying power, today introduced an innovative group insurance model to shift this mindset. Foxquilt provides consumers and small businesses with the ability to join social groups with similar needs to access group insurance buying power. Foxquilt customers achieve savings upfront on premiums, reduced deductibles and are rewarded with further savings at renewal.
Two-thirds (67 percent) of Ontarians indicated that they would switch their insurance mid-term if group savings were greater than the cancellation fee. Interestingly, 59 percent of survey respondents indicated that they would join an online community to increase their buying power and coverage while decreasing their costs, if they had the opportunity to do so. That's where Foxquilt is ready to help Ontarians share together and save together.
"Consumers identify, communicate and trade within smaller, personalized communities," said Mark Morissette, CEO and Founder, Foxquilt. "Similar to other online retailers, we've developed technology that connects unique communities while creating new value opportunities for our groups to save on their insurance. Ontario consumers want to join groups to save on their home and business insurance. But they also want to be relieved from the daunting and painful exercise of getting insured. Our technology leverages data to automate the experience by connecting our group members with their preferred product in minutes. It alleviates the pain."
Customers in Ontario can visit www.foxquilt.com on any device and simply participate in an online, interactive conversation to get a quote for their home or business insurance, or call the company directly. Insurance agents are also available through the company website and social media channels, or customers can use an online booking tool to book a phone call at a convenient time.
Interactions and processes have been engineered to be an easy to understand and simple conversation that gathers critical data points quickly and efficiently, in order to connect users with their groups for group savings, and provide relevant coverage and price options.
Some of the additional survey findings included:
- Those who believe they are paying 'too much' for insurance are significantly more likely to say that their address/postal code affects the cost of insurance as are respondents from the GTA and Hamilton/Niagara versus other regions of the province.
- Nearly nine in ten (89 percent) of Ontarians surveyed have some type of insurance with auto insurance being the most common followed by home insurance.
- Almost one-quarter (24 percent) of Ontarians who have insurance say the top thing they do when renewing or changing their insurance is to review their coverage summary.
- Ontarians who feel they are paying 'too much' for insurance are significantly more likely to review their coverage summary (51 percent) and shop around online (38 percent).
Foxquilt works with a number of insurance carriers including Aviva Canada, Economical Insurance, Chubb Canada, Gore Mutual Insurance Company, Premier Group of Companies, Trinity Underwriting, Burns & Wilcox Canada.
About Foxquilt Inc.
Foxquilt is a Canadian financial technology company focused on using big data and machine learning to empower social groups to save on Home and Small Business insurance. We create new value opportunities for customers by bringing people and communities together online with a smart and modern approach to insurance. Leveraging innovative technology and creating unique products, we make it easy for customers to buy insurance online from leading carriers and access group purchasing power. Foxquilt customers achieve savings upfront on premiums, reduced deductibles and are rewarded with further savings at renewal.
About Leger Quantitative Research Methodology
An online survey of 1007 Ontarians was completed between October 26 and 29, 2018 using Leger's online panel. The margin of error for this study was +/-3.1 percent, 19 times out of 20.
SOURCE Foxquilt Inc.
For further information: Sarah Coombs, 416-729-8550, [email protected]