Next Insurance Becomes a Licensed Insurance Carrier
Digital commercial broker Next Insurance announced their new status as a licensed insurance carrier in the State of Delaware and is currently expanding to all 50 states. According to the company, it is now working 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.
“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. 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” – cofounder and CEO, Guy Goldstein.
Bottom Line: a collaborator-turned-competitor, which should serve as a cautionary tale for insurers.