Leveraging NEXT’s innovative underwriting practices, the integration of Tensorflight’s property data and risk models promises to elevate the efficiency and accuracy of its commercial underwriting processes.
Commercial property insurance serves as a cornerstone for numerous businesses, safeguarding assets such as goods, gear, inventory, buildings, equipment, and mitigating disruptions in business income. Through NEXT Insurance, small business owners already benefit from accessible, tailored, and digitally-driven solutions, including an instant quote* and bind experience. The incorporation of Tensorflight’s geospatial data into NEXT’s framework further fortifies its proprietary machine learning algorithms, bolstering the insurer’s sophisticated approach to small business insurance.
“NEXT is strategically focused on maximising 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 exhibited in a proof of concept how its sophisticated machine learning models offer distinct insights into property risk elements. By incorporating these capabilities into NEXT’s digital offerings, both current and prospective small business clients will experience expedited, customized coverage, and enhanced risk mitigation services.
“NEXT is one of the most forward-thinking and fastest growing commercial insurers with a clear focus on technology to better serve small businesses,” said Jesse Canella, CEO, Tensorflight.
The partnership aligns with Tensorflight’s objective of collaborating with forward-thinking insurers to deploy advanced analytics throughout the policy lifecycle. Employing computer vision and deep learning in property appraisal aids carriers like NEXT in achieving profitable growth by enhancing pricing segmentation through greater accuracy.
Canella added: “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.”
