(Image credit: Next Insurance homepage.)
Next Insurance (Palo Alto), a startup direct seller of small business insurance, has launched Live Certificate, which the online MGA characterizes as a real-time certificate of insurance (COI) verification feature for policyholders and their customers.
Next Insurance claims to be the first US-based insurance provider to offer this service, which it says closes a significant gap in the industry. “Until now, there was no way for small businesses to provide real-time verification of their insurance coverage to their customers including verifiable additional insured and policy expiry information,” a Next Insurance statement says. “Proof of insurance has traditionally come in the form of printed documents that can be easily faked, or are no longer valid because the insurance policy expired or was cancelled. Certificate fraud is rampant, leaving small businesses and their customers financially exposed in the event of damage or injury.”
Next Insurance explains the significance of the new capability by noting that there are almost 30 million small businesses (SMBs) in the U.S. today, representing 99.7 percent of all businesses. According to a recent survey, 44 percent of small businesses operating for at least a year have never had insurance. “These findings raise concerns for consumers employing an entrepreneur or small business that might not have a valid insurance policy,” the Next Insurance statement states.
The Next Insurance says its new Live Certificate provides a digital option for real-time policy validation from a computer or mobile phone, giving consumers confidence that the small businesses they employ have active insurance coverage. Next Insurance serves as the verifying third party, providing a new degree of transparency and confidence into the relationship between small businesses and their customers.
Next Insurance describes the Live Certificate process as follows:
- Link Sharing: Policyholders are able to email their customers a link to the Live Certificate in real-time directly through the Next Insurance online customer portal from a computer or mobile phone.
- Instant Authentication: The link enables the customer to instantly check the validity of the policy online, including additional insured and policy expiry information.
- Work With Confidence: Once verified, customers can rest assured that they are protected in the event of a mishap.
- No Additional Cost: The Next Insurance Live Certificate is offered to all customers for free, and unlimited certificates are available.
“We are the first in the industry in the US to offer real-time Certificate of Insurance verification through our online customer portal, enabling immediate access for small business customers to verify active insurance policies,” comments Guy Goldstein, CEO, Next Insurance. “The insurance industry has not provided consumers what it was designed to offer: security, confidence and transparency. Now, consumers can take their security into their own hands. With Live Certificate, we continue to expand our innovative insurance offering, transforming how businesses interact, as well as the outdated insurance industry as a whole.”