Next Generated 280,000 Digital Certificates
Next Insurance announced it has generated more than 280,000 digital certificates of insurance since launching the feature in March 2018. The Next Insurance Live Certificates have been issued to more than 52,000 small businesses, that have each used them at least five times on average in the past year.
Here’s how the Next Insurance Live Certificate of Insurance works: Policyholders are able to email their customers a link to the Live Certificate in real-time directly through the Next Insurance online customer portal from a computer or mobile phone. The link enables the customer to instantly check the validity of the policy online, including additional insured and policy expiry information.
Established in 2016, the Palo Alto-based commercial insurer-slash-team of 167 people has raised $131m since its inception and currently offers general liability coverage to more than 1,000 classes of business, professional liability for multiple classes of business, including architects, engineers, real estate agents and insurance agents, and commercial auto. Expansion to workers’ compensation is likely in the works.
Bottom Line: “In 2018 alone, we insured over 40,000 small businesses, expanded our product to cover 48 states, and gained a premium run-rate of over $44 million”; a figure shared by Kaenan Hertz two weeks ago in connection to Hippo’s latest funding round.
// On a separate note, Wave, the all-in-one accounting, invoicing, credit card processing, and payroll software for small businesses, freelancers and consultants, is a Next partner. “Wave offers a portal to sign up for Next Insurance from your Wave account. To view the sign-up portal, click Banking > Insurance in the left-hand navigation menu.”