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NEXT Insurance – Using Technology and Innovation to Revolutionize the Insurance Industry

Uncertainties are a standard in business operations, and companies can face operational and financial losses due to unforeseen circumstances. Events can adversely affect businesses if they do not have adequate contingency plans to cover the losses or costs. Contingency plans like insurance coverage are essential for mitigating the risks and minimizing unnecessary losses and expenses. Many small businesses and self-employed individuals do not buy insurance plans due fear of significant premiums, but coverage is necessary for protection from unexpected or potentially catastrophic expenses. Small businesses especially face a substantial risk of closure or bankruptcy due to fire, inventory losses, and other unforeseen events if they do not have insurance. 

The lack of insurance coverage adversely affects small businesses and increases insolvency risks because owners may not have adequate resources to recover from substantial losses. Commercial or business insurance is one of the most prominent forms of insurance that protects owners, employees, and companies from avoidable losses and expenses. However, many small businesses and self-employed individuals do not buy insurance due to the hassles in the application process and substantial premium amounts. Eliminating the hassle of the insurance application process, reducing premiums or making insurance affordable, and transferring control of the process to business owners can compel businesses to buy insurance.

The traditional insurance model comprises agents selling insurance policies and plans to individuals after a rigorous application process. The process is cumbersome for many small business owners and self-employed individuals because they risk losing essential time and effort that would otherwise benefit their company. However, NEXT Insurance is taking commercial insurance to the next level by giving control of the process to people. The company allows business owners and self-employed individuals to purchase and customize insurance policies according to their needs while avoiding the cumbersome application process. The affordable premium and insurance costs offered by NEXT Insurance also encourage many uninsured professionals to buy insurance coverage.

NEXT Insurance offers hassle-free, tailored, and affordable insurance to small businesses and self-employed individuals to increase coverage. The company is revolutionizing the insurance industry by utilizing state-of-the-art technologies and innovations like artificial intelligence (AI) and machine learning (MI). Guy Goldstein, Nissim Tapiro, and Alon Huri established NEXT Insurance in 2016 as its three co-founders. The company was established as an alternative insurance provider to offer a digital platform where business owners and professionals could seamlessly purchase insurance without the hassle and high costs. The innovative model reflects the technological advancements and changes in the business sector that many insurance companies overlooked.

The complicated application and claims process of traditional insurance companies compels many small businesses and professionals to switch to innovative providers like NEXT Insurance. The company offers a seamless application and claims process by utilizing fintech technologies that accelerate application processing times. NEXT Insurance provides an online DIY insurance model enabling businesses and professionals to control the insurance process from start to finish. The innovative insurance model streamlines processes and motivates small business owners and professionals to buy insurance rather than bear unforeseen costs. The affordability factor stemming from the innovation model also compels businesses to select NEXT Insurance over alternatives.

Traditional insurance companies provide limited coverage options to small businesses and professionals due to their focus on large corporations and clients. However, NEXT Insurance offers affordable and customized insurance plans to small businesses according to their unique needs. The contemporary model developed by the company utilizes AI and ML to expedite the application and claims process while giving control of the process to clients. The digital model enables small business owners to buy insurance according to their requirements rather than overspending on unnecessary components. Small companies and self-employed professionals avoid large insurance providers because they offer standardized plans regardless of the client’s needs.

Technological advancements transformed business practices in recent years and enabled companies to offer innovative products and services to customers. However, some industries lagged in adopting technology in their processes despite rapidly changing business dynamics. The insurance industry was also slow in adapting to contemporary technologies. However, NEXT Insurance revolutionized the insurance industry by utilizing innovative approaches like machine learning and artificial intelligence to transform the insurance model. The company offers customized and affordable insurance plans to small businesses and self-employed professionals through an online DIY model. The seamless application and claims processes compel many companies to switch from the conventional insurance framework to NEXT Insurance’s innovative model.

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