Latest partnership news from NEXT Insurance FYI;
Tensorflight, a property intelligence platform, today announced a collaboration with NEXT Insurance, a leading technology-first small business insurer, to automate commercial property inspections. Building on NEXT’s superior underwriting, the integration of Tensorflight’s property data and risk models will enrich its commercial underwriting process.
Commercial property insurance is essential for many types of businesses as it protects goods, gear, inventory, buildings, equipment breakdowns, and business income interruptions. With NEXT, small business owners already enjoy the advantages of affordable, customized, and digital-first solutions, including an instant quote and bind experience. NEXT’s sophisticated approach to small business insurance will be further enhanced by incorporating Tensorflight’s geospatial data, which will strengthen its proprietary machine learning algorithms.
“NEXT is strategically focused on maximizing digital innovation to transform the purchasing and servicing experience for small business owners, so we’re thrilled to partner with Tensorflight,” said Lance Poole, Head of Risk at NEXT. “Its advanced property analytics will enhance and strengthen our risk management strategies, while also improving the customer experience through faster, more accurate underwriting and pricing.”
Tensorflight demonstrated through a proof of concept how its advanced machine learning models provide unique visibility into property risk factors. By integrating these capabilities into NEXT’s digital solutions, both new and existing small business customers will benefit from faster, more tailored coverage and risk management.
“NEXT is one of the most forward-thinking and fastest growing commercial insurers with a clear focus on technology to better serve small businesses,” added Jesse Canella, CEO, Tensorflight. “This agreement modernizes 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.”
The collaboration supports Tensorflight’s goal of working with innovative insurers to bring advanced analytics across the policy lifecycle. Applying computer vision and deep learning to property appraisal helps carriers like NEXT achieve profitable growth through more accurate pricing segmentation.
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