Orlando Harmon
In 2018, NEXT Insurance became a licensed insurance carrier, offering digital insurance to small businesses. As a carrier, NEXT Insurance writes policies independently, with more freedom over underwriting, setting prices, and configuring policies. This allows them to provide entrepreneurs and small businesses with insurance that is simple, affordable, and tailored to their specific needs. The company was founded on the belief that technology can provide a more efficient and seamless customer experience for small business owners. With its digital-first approach, NEXT Insurance has transformed the way customers interact with their insurance carrier, offering a revolutionary Live Certificate and access to an online portal for policyholders.
| Characteristics | Values |
|---|---|
| Status | Licensed insurance carrier |
| Type of insurance | Digital insurance for small businesses |
| First carrier license from | Delaware |
| Current expansion | All 50 states |
| Rating | A- |
What You'll Learn
NEXT Insurance is an admitted carrier and A-rated by A.M. Best
Being an admitted carrier gives NEXT Insurance more freedom in underwriting policies, setting prices, and configuring policies. This allows them to offer insurance that is simple, affordable, and tailored to the specific needs of small businesses. NEXT Insurance works directly with state insurance regulators to champion innovation in the small business insurance market, including on-demand coverage and simpler policy language.
As a digital insurance company, NEXT Insurance streamlines the insurance purchasing process for small businesses by eliminating the need for insurance agents. Their online platform offers small business policies that are easy to understand, comprehensive, and highly tailored to each business's needs. With NEXT Insurance, small business owners can access their insurance information and make changes to their policies easily and efficiently.
In addition to being an admitted carrier, NEXT Insurance is also A-rated by A.M. Best, which is a testament to their stability and reliability as an insurance provider. This rating indicates that NEXT Insurance has strong financial backing and is capable of meeting its insurance obligations.
Overall, NEXT Insurance's status as an admitted carrier and its A-rating by A.M. Best demonstrate its commitment to providing high-quality, reliable insurance services to small businesses.
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NEXT Insurance is a licensed insurance carrier
The process of becoming a licensed insurance carrier is lengthy and involves gaining approval from the state's Department of Insurance. NEXT Insurance obtained its first carrier license from the State of Delaware and is now expanding to all 50 states. As an independent, licensed insurance carrier, NEXT Insurance works directly with state insurance regulators to champion innovation in the small business insurance market. This includes on-demand coverage, more advanced uses of AI and Machine Learning for underwriting, and simpler policy language.
The company's mission is to help entrepreneurs thrive by offering the most advanced policies on the market. NEXT Insurance is committed to understanding the unique needs of small businesses and providing them with the insurance coverage they need to succeed. By becoming a licensed insurance carrier, NEXT Insurance has more flexibility to meet the specific and diverse needs of its small business clients.
In addition to its status as a licensed insurance carrier, NEXT Insurance is also an admitted carrier, rated "A- Excellent" by AM Best. This means that NEXT Insurance has been approved by the state's Department of Insurance and is backed by the state, providing added security for its customers. With its commitment to innovation, customer-centric approach, and strong financial standing, NEXT Insurance is well-positioned to serve the insurance needs of small businesses across the country.
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NEXT Insurance offers digital, affordable, and customised insurance policies
NEXT Insurance is a licensed insurance carrier that offers digital, affordable, and customised insurance policies to small businesses. The company was founded in 2016 and is headquartered in Palo Alto, California.
As a licensed carrier, NEXT Insurance has the freedom to write policies independently, with more control over underwriting, setting prices, and configuring policies. This allows them to offer insurance that is simple, affordable, and tailored to the specific needs of entrepreneurs and small businesses.
NEXT Insurance utilises digital technology to streamline the insurance purchasing process, eliminating the need for insurance agents. Their platform offers small business policies online that are easy to understand, comprehensive, and highly tailored to each business's unique requirements. With NEXT Insurance, customers can obtain a quote, customise their options, and access their certificate of insurance online in about 10 minutes.
The company provides digital small business insurance coverage across the US and offers seven types of policies, making it easy for businesses to design the coverage that fits their specific needs. These policies include general liability insurance, workers' compensation, professional liability, commercial auto, commercial property, and a business owner's policy, which combines general liability and commercial property coverage.
In addition to its digital platform, NEXT Insurance also partners with insurance agents to provide a more personalised experience for customers who require more complex coverage or multiple lines of insurance. With its innovative technology and commitment to serving small businesses, NEXT Insurance is revolutionising the insurance industry and helping entrepreneurs thrive.
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NEXT Insurance is a leading digital insurance company for small businesses
The company was founded in 2016 by a team of serial entrepreneurs and is headquartered in Palo Alto, California. NEXT Insurance has received significant financial backing, with $53 million in venture capital funding from various investors, including Ribbit Capital, TLV Partners, and American Express.
NEXT Insurance is dedicated to small businesses, offering customized policies to meet the unique needs of each business. They provide insurance for a wide range of professions, from engineers and architects to photographers, DJs, and contractors. With their innovative use of technology, NEXT Insurance has transformed the traditional insurance process, making it easier and more convenient for small businesses to obtain the coverage they need.
As a licensed insurance carrier, NEXT Insurance has the freedom to write policies independently and has greater flexibility in underwriting, setting prices, and configuring policies. This allows them to offer simple, affordable, and highly tailored insurance options to their customers. They work directly with state insurance regulators to champion innovation in the small business insurance market, such as on-demand coverage and the use of AI/Machine Learning for underwriting.
In addition, NEXT Insurance offers a range of additional features at no extra cost, including real-time certificate of insurance verification and access to an online portal for policy management. With their commitment to small businesses and focus on innovation, NEXT Insurance has established itself as a leading digital insurance provider in the industry.
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NEXT Insurance is backed by the state
NEXT Insurance is an admitted carrier, meaning it is backed by the state. In simple terms, an "admitted" insurance provider has been approved by a state's Department of Insurance, while a "non-admitted" carrier has not.
Being an admitted carrier means that NEXT Insurance has gone through a rigorous approval process by the state to ensure that its insurance policy forms, rates, and requirements comply with state insurance laws and regulations. This approval grants several benefits to policyholders. For instance, if NEXT Insurance were to become insolvent or go out of business, the state would step in to pay claims up to a certain limit. Additionally, policyholders can appeal to the state's insurance commissioner if they feel that their claim was improperly handled or disagree with the admitted carrier's claims decision.
As a licensed insurance carrier, NEXT Insurance writes policies independently and has more freedom in underwriting, setting prices, and configuring policies. This allows them to offer digital insurance that is simple, affordable, and tailored to the specific needs of small businesses. By working directly with state insurance regulators, NEXT Insurance champions innovation in the small business insurance market, including on-demand coverage and the use of AI and machine learning for underwriting.
NEXT Insurance's mission is to help entrepreneurs and small businesses thrive by providing them with the insurance coverage they need. With their digital-first approach and commitment to using technology to streamline the insurance process, they have gained the trust of over 450,000-500,000 business owners. NEXT Insurance is dedicated to supporting small businesses and ensuring they have the protection they need to succeed.
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Frequently asked questions
An admitted carrier is an insurance provider that has been approved by a state's Department of Insurance.
Yes, Next Insurance is an admitted carrier.
Admitted carriers have been approved by the state, so the state backs their policies. This means that if the insurer goes out of business or becomes insolvent, the state will pay claims up to a set limit. Admitted carriers also have to follow strict guidelines set by the state, which adds legitimacy to their policies.
Non-admitted carriers are insurance providers that have not been approved by a state's Department of Insurance. They are regulated by the Surplus Lines Offices instead.
Non-admitted carriers have greater flexibility in terms of pricing and products as they are not bound by state-approved policies. They can also offer coverage for specific risks that admitted carriers may not be able to insure.
