Next Insurance Becomes a Licensed Insurance Carrier
PALO ALTO, California, May 24, 2018
Next Insurance, the leading digital insurance company for small businesses, today announced their new status as a licensed insurance carrier. As a carrier, Next Insurance will now write policies independently, with far more freedom over underwriting, setting of prices, and configuring of policies, providing entrepreneurs and small businesses insurance that is simple, affordable and tailored to their specific needs. Next Insurance now works directly with state insurance regulators to champion innovation never before seen by the small business insurance market, including on-demand coverage, more sophisticated uses of AI/Machine Learning for underwriting, and simpler policy language.
There are almost 30 million small businesses in the US today, accounting for 99.7% of all businesses. According to a recent survey, 44% of small businesses operating for at least a year have never had insurance, posing real risks to businesses in case of a lawsuit and to customers who use small businesses without insurance at great risk. Next Insurance streamlines the small business insurance policy purchasing process, eliminating the need for insurance agents, and offering small business policies online that are easy to understand, comprehensive and highly tailored to each business’s needs.
“Becoming an independent, licensed insurance carrier became our goal the day we realized that existing insurance companies do not provide the insurance product that entrepreneurs want and deserve. This is a big step forward towards a more modernized insurance industry,” said Guy Goldstein, CEO and Co-Founder of Next Insurance. “We are unique in our ability to understand the nuances of small businesses and their insurance needs, and being a carrier gives us the freedom to provide the most advanced policies on the market. We are impressed with the work of state insurance commissioners, who continue to champion new and innovative ideas to enable insurance offerings that meet the actual needs and demands of each market.”
To provide the best possible service to small business clients, Next Insurance offers a range of additional features to customers, at no additional cost. These include the revolutionary Live Certificate, the industry’s first real-time certificate of insurance verification, as well as access to an online portal. The portal allows policyholders to add additional insured, update policy or payment information, send verifiable proof of insurance and more.
Next Insurance obtained its first carrier license from the State of Delaware and is currently expanding to all 50 states. As an insurance carrier, Next Insurance will continue to work closely with state insurance commissioners to champion technological innovation, exploring uses of AI/machine learning and other opportunities that will continue to revolutionize the small business insurance market.
About Next Insurance
Next Insurance is transforming small business insurance with simple, affordable coverage, tailored to the needs of each class of business. Next Insurance offers policies that are easy to buy with instant, 24/7, online access to services such as Certificates of Insurance, Additional Insured and more with absolutely no extra fees. Revolutionizing traditional insurance processes, Next Insurance is utilizing advanced technology to offer the industry’s most innovative small business insurance policies. Founded in 2016 by a team of serial entrepreneurs, the company is headquartered in Palo Alto and has received a total of $53 million in venture capital funding from Ribbit Capital, TLV Partners, Zeev Ventures, Munich RE Ventures, Markel, Nationwide, American Express, and others.