Next Insurance Expects Policyholders to Understand the Devil in Additional Insured
Palo Alto-based Next Insurance announced a new online portal for policyholders looking to edit or cancel coverage. Recall: the small business broker was launched in 2016 to offer small business insurance quotes via web (and/or Facebook messenger) to select types of small businesses, including: photographers, personal trainers, yoga instructors, carpenters, and misc. contractors. It has raised $48 million since inception, with its most recent round amounting to $35M; the largest round for a small business insurance player since 2012.
These are the main features:
– Additional Insured: Customers can add “Additional Insured” in one click, with immediate issue. Attaching a new Additional Insured to a policy is one of the most common policyholder requests – and as it is often a prerequisite to the ability to attract projects or orders, time is of the essence. This feature ensures customers can have Additional Insurance documentation on hand within minutes – which gives them an edge over competitors vying for the same business opportunities.
– Proof of Insurance: Customers can receive proof of insurance instantly, without numerous phone calls to agents and long wait times.
– One-click Cancellation: Customers can instantly cancel policies, solving the problem of restrictions on the ability to cancel, cancellation fees, and long wait times between requesting and receiving confirmation.
– Policy Information: Customers can view policy information, guaranteeing full transparency.
– Payment Information: Customers can update and maintain payment information at any time.
The news follows the launch of Live Policy by Lemonade; a new feature within the insurer’s mobile app that allows policyholders to edit or cancel coverage, and even cancel the policy in real time. Somewhere, someone is saying ‘oy gevalt’ because you can’t possibly expect the average business owner to understand the devil in Additional Insured. Or can you?