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Next (Generation) Insurance

Natalie Cutler | May 8, 2017

Shopping, movies, activism, even dating – in today’s ultra-connected world, there’s very little you can’t find online. But even with today’s wealth of web-based resources, business insurance has been slow to catch up.

Auto insurance sales are booming on the web, with nearly 25% of purchases happening entirely over the internet, and 74% getting quotes or shopping around on the net before purchasing through a live agent. By comparison, only about 1-2% of commercial insurance is bought online. An overwhelming majority of business insurance is still handled by live agents in a process that is outdated, slow, and more importantly, confusing for the customer. What happens after you submit an application (which, by the way, involves filling out a paper application by hand, then faxing or even snail mailing it in)? How are premiums and deductibles determined?

It’s no surprise, then, that the industry has a reputation for being behind the times. While some insurance companies do have portals that may be able to provide an online quote, a business owner can rarely, if ever, purchase insurance without speaking to a human today. Why is this? There is a misconception that business insurance is too complex to be bought completely online; that underwriting is more involved and the needs of each business are entirely different and therefore need to be evaluated by a human.

We don’t believe this – and we think getting a business owner the coverage they need, at a great price, online and in mere minutes is very realistic – with the right technology and willingness to be transparent. So here at Next Insurance, we’re doing EVERYTHING online, from the application to the underwriting (the process that determines one’s eligibility for getting insured) to the purchasing and issuing of the policy! Of course, you’re wondering how we do it so fast, and at such a great price, right? Here’s a little secret: figuring out the right product for you, whether you are eligible and at what cost really comes down to a few key pieces of information. We knew we could collect enough data with the right few questions to get rid of that arduous pen-and-paper application and get you insured quickly – and more transparently, too.

This all sounds great in theory, and in practice it’s even better – it means that it takes our customers an average of only 8 minutes to make sure their business is protected! Customers automatically receive their policy documents mere minutes after payment or, if for whatever reason we can’t cover a prospect, they know immediately why they were declined or referred (flagged for human follow-up) and can help them through it. Proofs/Certificates of Insurance can be downloaded online in seconds, free – and should other special requests arise, our friendly A-team agents are standing by to help.

Sounds too good to be true? It’s not. Easy, convenient, transparent business insurance is what Next Insurance stands for!

Authors

  • Sofya PogrebSofya Pogreb
  • Sanjay BiswasSanjay Biswas
  • Natalie CutlerNatalie Cutler
  • Guy GoldsteinGuy Goldstein
  • Rachel Present SchreterRachel Present Schreter
  • Alon HuriAlon Huri
  • Evyatar SagieEvyatar Sagie
  • Zeke ScherlZeke Scherl
  • Annie RyanAnnie Ryan
Natalie Cutler
Natalie Cutler | Author
Natalie is a member of our A-Team, and also dabbles in market research, excel model building, and blog content writing. She majored in Contemplative Studies in college (ask her about that if you talk to her!) and helps our team stay calm and upbeat even in the toughest of situations.

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Authors

  • Sofya PogrebSofya Pogreb
  • Sanjay BiswasSanjay Biswas
  • Natalie CutlerNatalie Cutler
  • Guy GoldsteinGuy Goldstein
  • Rachel Present SchreterRachel Present Schreter
  • Alon HuriAlon Huri
  • Evyatar SagieEvyatar Sagie
  • Zeke ScherlZeke Scherl
  • Annie RyanAnnie Ryan

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