Core Insurance, Insurance Technology
PR Newswire | August 07, 2023
Today, NEXT Insurance, a leading digital small business insurer, announced it is expanding its insurance offerings for small businesses with the launch of commercial umbrella/excess liability in 41 states, and the expansion of liquor liability coverage in 7 additional states. Commercial umbrella/excess liability insurance includes the same coverage, conditions, and exclusions as its underlying general liability policy, and provides coverage when that policy's per-occurrence or aggregate limits are exhausted. This expansion will be launched on a direct and agents channel, furthering NEXT's commitment to customers while providing the best possible experience for agents.
NEXT's umbrella/excess liability coverage will sit over customers' general liability policies and provide higher limits for coverage offered in that policy, ensuring small businesses can get the protection they need from a potentially catastrophic loss due to a lawsuit. Customers will be able to add this optional coverage to a general liability policy post-purchase to easily modify their insurance needs as their business needs continue to grow. Often, umbrella/excess liability coverage is required due to a contractual obligation, like a new construction client requiring higher limits on general liability to take on a project, or moving operations to a new building and a landlord requires an umbrella/excess liability policy. With this expansion, instead of needing to call to make policy changes, customers can now self-serve, adding umbrella/excess liability coverage to their policy in the Customer Portal, providing them the tools to tailor their coverage to satisfy new insurance requirements instantly.
NEXT is also furthering its commitment to restaurant small business owners with the expansion of liquor liability coverage to 7 additional states including Illinois, Michigan, Massachusetts, Missouri, Minnesota, Utah, and Iowa. Liquor liability is a crucial protection for small businesses that manufacture, sell, or serve alcoholic beverages. Available as a part of NEXT's general liability coverage, NEXT's liquor liability covers losses resulting from the intoxication of customers and is designed for small businesses such as cafés, diners, pop-up restaurants, and fine dining.
On the launch of umbrella/excess liability coverage, Jack Ramsey, NEXT Insurance Vice President of Agent Business, shares:
"We're launching umbrella/excess liability coverage to help entrepreneurs thrive. As businesses grow, their liability insurance needs change, and as a carrier, we want to make sure we're able to continue to support our customers' growth. We're confident that this highly-requested umbrella/excess liability offering will address the demand we've seen from both customers and agents who require this coverage for contractual obligations, and we are excited to be able to offer this expansion ourselves with the aim of being a one-stop-shop for our small business customers."
This news follows NEXT's integration with Ivans Download™ for General Liability and Workers' Compensation policies, and the recent strategic hire of Jack Ramsey as the company's Vice President of Agent Business. NEXT is doubling down on its commitment to the needs of agents and customers alike by quickly iterating and reacting to feedback, providing an unparalleled digital experience to help them thrive and expand their business.
About NEXT Insurance
NEXT Insurance is transforming small business insurance with simple, digital and affordable coverage tailored to the self-employed. Trusted by over 480,000 business owners, NEXT offers policies that are easy to buy and provides 24/7 access to Live 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 and provide more affordable coverage. Founded in 2016, the company is headquartered in Palo Alto, has received a total of $881 million in venture capital funding, is rated "A- Excellent" by AM Best and has 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.
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Life Insurance, Insurance Technology
PRnewswire | July 10, 2023
Quility, an award-winning insurtech company, today announced the launch of Navigator: a proprietary end-to-end digital life insurance distribution marketplace.
Quility Navigator is a free, user-friendly platform built by industry experts to provide a one-stop shop for agents to quote and sell insurance. Navigator's product selector and quoter tools feature pre-underwriting systems to confidently select the right insurance solution personalized to each client. Agents also gain best-in-class commission rates and full access to Quility's proprietary product suite.
"Gone are the days of long, tedious applications and archaic underwriting systems," said Brandon Ellison, CEO of Quility and Symmetry Financial Group. "With the launch of Navigator, we are making it simpler and faster than ever to connect Quility clients with their best-fit policy. This, alongside our growing suite of digital products, is a major stride in our efforts to eliminate the friction of buying and selling life insurance."
With a 90% likelihood of a client approved as applied for, agents experience a frictionless quoting and underwriting process supported by a seamless, tech-driven experience for clients. Along with the Navigator launch, Quility brings two new proprietary products to market, including a term life insurance policy in partnership with Legal & General America (LGA) and a digital hybrid whole life policy in partnership with American-Amicable Life Insurance Company of Texas.
"We are thrilled about our partnership with Quility and the launch of Legal & General America's term life product on the Navigator platform," said Andrew Doerman, Vice President of Digital Distribution and Strategy at LGA. "We share a common vision of transforming the industry by leveraging digital technology with a consumer-first approach to simplify the buying journey. This milestone is yet another giant step forward in our mission to close the coverage gap and provide financial protection for families across the country."
"The opportunity to partner with Quility and leverage their digital platform, Navigator, to market various insurance products to our clients, provided an additional, expedient pathway to accommodate the transformation to a digital-first focus," said Rick Weaver, Vice President Marketing at American Amicable Group of Companies.
About Quility
Quility uses innovative and proprietary technology to modernize the process of qualifying for and purchasing life insurance. The Quility digital platform offers clients the option to apply for life insurance online through a 10-minute application or with the support of a licensed insurance agent. Learn more at quility.com.
About Legal & General America
Legal & General America is part of the worldwide Legal & General Group. For over 70 years, the Legal & General America companies have been in the business of providing financial protection through life insurance for American families. The Legal & General America companies are Banner Life Insurance Company and William Penn Life Insurance Company of New York. With more than $57 billion in new coverage issued in 2020, LGA is a top five US term life insurance provider and ended 2021 with $780 billion of coverage in force with 1.4 million U.S. customers. LGA shares Legal & General's independent financial strength ratings: A+ Superior from A.M. Best and AA- Very Strong from Standard and Poor's and Fitch. For more information, please visit lgamerica.com.
About American-Amicable Group of Companies
Tracing its roots back to 1910, American-Amicable Life Insurance Company of Texas is a progressive special markets insurer. The Company offers innovative life insurance and annuity products developed to target the individual needs of protection, wealth creation and estate preservation. Learn more at americanamicable.com.
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Core Insurance, Insurance Technology
Businesswire | July 18, 2023
FINEOS Corporation (ASX:FCL) announced today that Securian Canada has selected FINEOS for its disability management claims administration software solution. Securian Canada is a leading insurance provider of innovative, life-ready insurance and protection solutions in Canada. The FINEOS claims administration solution is scheduled to go live this fall to support Securian Canada’s short- and long-term disability benefits programs.
FINEOS is the global leader providing end-to-end core software systems for life, accident and health insurance. The FINEOS Platform is purpose-built for the group and supplemental employee benefits market. More than a dozen customers in Canada use the FINEOS Platform, and FINEOS serves 7 of the 10 largest employee benefits insurers in the U.S.
“We are delighted Securian Canada has chosen FINEOS and look forward to building a long-term, mutually beneficial relationship,” said CEO Michael Kelly. “The FINEOS Platform will help Securian deliver an excellent customer experience and will bring automation and efficiencies to their operations, enabling their staff to maximize their time caring for Canadians in the moments that matter the most.”
“Securian Canada needs a best-in-class partner to support our ambitious strategic plans in the disability space,” said Sharla Postic, SVP Insurance Operations for Securian Canada. “We believe the FINEOS purpose-built platform and industry-leading capabilities in disability claims administration will help us continue to raise the bar in providing innovative insurance products and services to our customers.”
About FINEOS Corporation
FINEOS is a leading provider of core systems for life, accident and health insurers globally with 7 of the 10 largest employee benefits insurers in the U.S., as well as a 70% market share of group insurance in Australia. With employees and offices throughout the world, FINEOS continues to work with innovative, progressive insurers in North America, EMEA, and Asia Pacific.
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