Digital insurer Next becoming licensed carrier

The company, which offers small business customers policies online, is becoming a licensed carrier in order to provide a greater range of innovative offerings. Before this move, Next acted as a managing general agent, selling its own insurance products but partnering with insurance carriers who underwrote those policies. The shift from an agency to a licensed carrier is intended to give the insurer more control over its underwriting and pricing, allowing it to launch new products more quickly and provide more tailored offerings. Also, as a carrier, Next will now write policies independently and can apply technologies like artificial intelligence and machine learning to improve its underwriting process. Alon Huri, Next's co-founder and CTO, says that becoming a carrier will give the company the speed and flexibility it needs to deliver the digital insurance experience today's small businesses say they want.