NEXT Insurance and Tensorflight: A New Era for InsurTech

In the rapidly evolving landscape of small business insurance, a groundbreaking collaboration between Tensorflight, a property intelligence platform, and NEXT Insurance, a leading technology-first insurer, is set to redefine the standards of commercial property insurance through advanced property analytics. This partnership, announced on March 11th, 2024, in New York, marks a significant milestone in leveraging technology to enhance and automate commercial property inspections, revolutionising how small businesses interact with insurers.

Integration of Advanced Technologies

The heart of this collaboration is Integrating Tensorflight’s cutting-edge geospatial data and risk models with NEXT Insurance’s sophisticated underwriting process. This integration aims to enrich NEXT’s proprietary machine learning algorithms, advancing their approach to offering small business owners customised, affordable, and digital-first insurance solutions. Lance Poole, Head of Risk at NEXT, expressed excitement about the partnership, highlighting how Tensorflight’s advanced property analytics will strengthen their risk management strategies and significantly improve the customer experience through faster, more accurate underwriting and pricing.

Transformative Potential for Small Businesses

Jesse Canella, CEO of Tensorflight, emphasised the transformative potential of this agreement, stating, “This agreement modernises the way small commercial businesses interact with insurers at the point of quote. It demonstrates the value of Tensorflight’s property analytics in enabling a next-generation insurance experience for small businesses.” Tensorflight’s machine learning models have been shown to provide unique visibility into property risk factors, which, when integrated into NEXT’s digital solutions, will benefit both new and existing small business customers with faster, more tailored coverage and risk management.

The Importance of Commercial Property Insurance

The necessity of commercial property insurance cannot be overstated, as it protects a wide array of business assets, including goods, gear, inventory, and buildings while covering equipment breakdowns and business income interruptions. Through this collaboration, small business owners already enjoying NEXT’s instant quote and bind experience will enhance their offerings with even more tailored and efficiently priced policies.

About Tensorflight

Established in 2016, Tensorflight has transformed the global property and casualty (P&C) market with its AI-imaging-based technology. Using satellite, aerial, and street-level imagery to automate property inspections and claims processing, Tensorflight helps underwriters assess risk more accurately and better understand their portfolio exposures. This not only significantly reduces the cost and time spent on inspections but also enhances the efficiency of the claims process.

About NEXT Insurance

Established in 2016, NEXT Insurance has transformed small business insurance by providing simple, digital, and affordable coverage tailored to the self-employed. Trusted by over 500,000 business owners, NEXT utilises AI and machine learning to simplify purchasing and offer more affordable coverage, revolutionising a historically complicated industry.

Personal Touch: A Story of Impact

The personal touch in this story comes from the countless small business owners whose daily realities are fraught with uncertainties. Consider the story of Maria, a small cafe owner in the heart of New York City, who struggled to navigate the complexities of commercial property insurance. With the partnership between Tensorflight and NEXT Insurance, Maria quickly secured tailored insurance coverage that protected her beloved cafe and offered her peace of mind, allowing her to focus on what she loves most—serving her community.

Conclusion

As we stand on the cusp of this technological revolution in the insurance industry, the collaboration between Tensorflight and NEXT Insurance signifies a leap forward in pursuing more accessible, accurate, and efficient insurance services for small businesses. This partnership demonstrates the immense potential of combining innovative technologies with customer-centric approaches. It reaffirms the belief that at the heart of every technological advancement lies the fundamental desire to serve better and protect our communities.