Commercial Insurtech refers to insurance services for enterprises offered through digital channels and the enabling infrastructure. These include general liability insurance along with products that leverage new ways of pricing policies such as usage-based insurance (for vehicle fleets) and data-driven insurance for commercial properties.
Needs around convenience and personalization, which have driven demand for insurance in the personal lines segment, are also being seen in the commercial insurance space. Most of these insurance products (especially those in the general insurance segment) are catered toward small businesses and freelancers, enabling the streamlining of the purchasing of commercial insurance, which traditionally has been a very manual exercise. Infrastructure providers offer turnkey platforms and APIs for insurers and other businesses to develop and launch their own insurance offerings with other specific solutions also available to digitalize certain aspects of the value chain such as underwriting and claims.
Note: Currently, we do not actively cover this industry, but we have identified it as a potential industry to add to our coverage.
Next Insurance is an online-based insurance company for entrepreneurs and small businesses. The company's services feature claims investigation as soon as possible, with many being decision within 48 hours that helps its clients to get transparency. They use technology to eliminate agents and other expensive extras and give prices that are incredibly affordable. It also offers policies to a range of small businesses from general contractors to personal trainers. Next Insurance was founded in 2016 and is headquartered in Palo Alto, California..
Business insurance platforms:
Commercial auto insurance:
Commercial property insurance:
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