NEXT Insurance Empowers Agents with Enhanced Products, Cutting-Edge Digital Tools, Opening New Revenue Opportunities and Sparking Momentum in Small Business Insurance

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Oct 15, 2024, 10:00 ET

Building on years of innovation, new state availability for business owners' policy, and ACH payments top the list of recent advancements

PALO ALTO, Calif., Oct. 15, 2024 /PRNewswire/ -- ITC Vegas 2024 - Today, NEXT Insurance, a leading technology-first small business insurer, announced a record 18 months of product innovations and customized tools focused on improving the insurance agent experience. These key advancements include the launch of ACH payments, offering more streamlined, flexible payment options and improved management features, including real-time account verification. NEXT offers payment recommendations that help reduce unpaid premiums by predicting the likelihood of non-payment cancellations, minimizing the risk of policy default. Additionally, the company has expanded Business Owners' Policy (BOP) coverage to 41 states and Washington, D.C., including New York and Texas. Along with this expansion, NEXT has introduced enhanced customization options, digital servicing capabilities, and increased policy limits, offering greater flexibility and providing small business owners with tailored policies.

Insurance agents are essential partners for small business owners, ensuring they adequately protect every facet of their operations. Through a digital-first approach, agents can not only add value for their small business clients through NEXT's instant quote and bind capabilities but also leverage digital tools to simplify workflows and services, expand their books and increase their revenue.

"Small business insurance presents a massive, untapped revenue opportunity for agents. With digital insurers like NEXT, agents can leverage automation and advanced technology, including AI, to enhance workflows and achieve better client outcomes," said Jack Ramsey, VP of Agent Business at NEXT Insurance. "Drawing on over thirty years in the insurance industry, including my time as an agent, I understand how NEXT's innovations offer first-of-their-kind tools with remarkable ease of use. To effectively address the insurance needs of small businesses, agents require access to excellent coverage, competitive pricing, and a seamless quoting and binding experience. NEXT is crucial in providing this level of service, and I'm proud to lead our initiatives to prioritize agents."

NEXT's digital-first approach enables rapid product development and agile deployment, empowering agents with greater capabilities and flexibility to better meet the needs of their clients and grow their own businesses. By actively listening to agent feedback, the company can swiftly adapt to the changing needs of the insurance market.

"I love writing with NEXT because the system is very user-friendly, easy to quote and bindable within a few minutes, said Cody Slocum Lammers, Insurance Agent at Affordable Insurance Solutions.

Latest product enhancements for agents include:

BOP: Bundle Up Your Clients' Coverage Across 41 States + DC - Including New York and Texas
NEXT's BOP enables agents to easily provide their small business clients with liability and property insurance coverage under a single policy that is simple to quote, bind and manage.
State availability: AK, AL, AR, AZ, CO, DE, GA, HI, IA, ID, IL, IN, KS, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, Washington D.C.

NEXT now accepts ACH payments
ACH streamlines payments to help reduce failures and ensure sufficient customer funds, minimizing the risk of policy default.

Protect Your Consultant Clients with Professional Liability Coverage
NEXT now offers standalone Professional Liability (PL) coverage explicitly tailored for consultants, including accountants, architects, engineers, insurance agents, real estate brokers, and more.

NEXT Agent Copilot: Your Partner in Effortless Selling
Agent Copilot is a digital tool that enables prospects to get online quotes and buy coverage on their own, 24/7 — while agents still earn their full commission.

Help Clients Stay Safe Online: Cyber Protection
Agents can now add cyber liability coverage to new and existing general liability policies and increase limits up to $50k. It is a critical protection for small businesses looking to safeguard from online risks. State Availability: AL, AZ, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, MA, MD, ME, MI, MN, MO, MS, MT, NC, OH, PA, SC, TN, TX, UT, VA, WA, WI, WV

Coverage Builder: Tailor Policies to Fit Every Client
NEXT's Coverage Builder allows agents to micro-tailor small business quotes for their clients. Agents can select their base policy limits, add or remove coverage or update limits post-purchase.

AMS and Rater Integrations -- Ivans Download and more
NEXT's Ivans Download integration offers a seamless exchange of policy data between NEXT and partner agents for all lines of business. Additionally, NEXT has integrations with top comparative raters like Bold Penguin, Vertafore Commercial Submissions and more.

Higher Limits, Greater Confidence: Enhanced BPP Coverage!
Based on agent feedback, NEXT increased business personal property (BPP)-only limits from $300k to $500k for all professions, excluding food and beverage (the maximum BPP is currently $750k).

If you're attending ITC Vegas 2024 and are interested in becoming an appointed agent and learning how NEXT's digital approach can drive more profitable outcomes, join us at booth A15 on the Agents Expo show floor on October 15th.

About NEXT Insurance:
NEXT Insurance is a leading digital insurer transforming small business insurance with simple, digital coverage tailored to the self-employed. Trusted by over 500,000 business owners, NEXT offers policies that are easy to buy and provides 24/7 access to purchasing and servicing, including Certificates of Insurance, additional insured, and more, with no extra fees. Revolutionizing a historically complicated insurance industry, NEXT utilizes AI and machine learning to simplify the purchasing process. Founded in 2016, the company is headquartered in Palo Alto, has received over $1 billion in venture capital funding, and is rated "A- Excellent" by AM Best. The company has also been recognized by CNBC Disruptor 50, Forbes Fintech 50, Inc.'s Best-Led Companies, and Forbes Best StartUp Employers. For more information, visit NEXTInsurance.com. Stay up to date on the latest with NEXT on Twitter, LinkedIn, Facebook and our blog.