NEXT Insurance: The heart of digital transformation is value
Since it was founded in 2016, California-based insurtech NEXT has endeavoured to transform coverage for small businesses, a mission that has taken on particularly valorous proportions during the post-COVID economic recovery.
Currently valued at over US$4bn and with more than 250,000 customers, NEXT’s status as a full-stack, technologically innovative company in the insurance space has been integral to its success.
“Small business owners will continue to value the offerings and capabilities provided by insurtech players instead of the traditional options. We're leveraging the latest technologies, like artificial intelligence and machine learning, to provide more affordable and customised policies, and increasing accessibility, which is becoming the new standard in many respects,” said Effi Fuks Leichtag, Chief Product Officer.
Tapping into the potential
Prior to NEXT’s arrival on the scene, the small business insurance market was noticeably underserved despite its alluring $140bn value. Within this vacuum, the company’s fresh approach was soon able to establish leadership.
According to Leichtag, digital transformation is less about technologies themselves and more about how they are delivering value. For NEXT this meant one thing: the customer experience.
“We're building a one-stop-shop where our customers can get all their insurance needs through one gateway, from purchasing to servicing and claims. NEXT has built its entire company around this idea and I think the results speak for themselves.”
When asked what the primary objective of a company’s digital transformation should be, Leichtag indicates that the answer would vary from business to business - some might need greater speed to market, optimised service, new products, etc. Regardless, he continues, “technology should empower customers to do more and get more from a service.”
Fostering the new normal office culture
Digital transformation is as much about people as it is about technology. If a company is going to reshape its operations then it also needs to invest in its culture. For incumbent insurers, adapting to a more digitally inflected environment could take adjustment; this is another area where insurtechs have a natural advantage:
“NEXT fosters a culture of continuous learning and offers opportunities for employees to really take ownership of their work,” says Leichtag. “There's a lot of autonomy for individuals in our company to drive a specific line of business or specific segment.”
Pictured: Effi Fuks Leichtag
This is a degree of independence that would be incredibly rare in the pre-digital industry and it doesn’t stop there: NEXT ensures colleagues stay connected in the remote workspaces instigated by the pandemic, too. For example, 2020’s efforts included virtual reality renderings of the company’s various offices for a global holiday party, online activities like fitness and painting classes, virtual meetups to connect new hires with colleagues, and more.
“Technology has ensured that our culture still thrived during the complicated times we experienced last year,” he adds.
Becoming truly people centric
What’s noticeable from NEXT’s example is how important digital technology can be for establishing and maintaining human relationships in insurance. Digital transformation means learning to treat people, both internal and external to the organisation, better.
“Instead of just honing everything towards financial results, insurers should hire talented and motivated people and focus them on customer satisfaction,” Leichtag advocates. “By doing this you will build a product that is attractive and loved by customers. I think that's what insurance was born to be.”
As is now clear, the value proposition of digital transformation is its capacity for refining processes, empowering employees, and creating more value for customers. Furthermore, businesses taking a digital-first approach can meet customers “where they are”, accommodate their present needs, and innovate new products quickly.
Ironically, a topic one would generally consider a tech issue is actually about the quest to attain truly people centric operations. NEXT realises this, concludes Leichtag, and sees no reason to change strategy now.
“At NEXT, we put a significant premium on company culture and employee well-being, which helps us attract top tier talent. Tech companies can sometimes be too dependent on certain individuals, but we wanted to challenge that by empowering everyone.
“I think that's an important differentiator between us and other insurers; we want to create a culture that scales because the journey is long and we're just getting started."
The Ultimate FinTech & InsurTech LIVE Event
Whether you attend virtually or in person, it will give you the chance to network with C-Level executives, share ideas with industry pioneers, and walk away with actionable, unique insights to bolster your business and career.
By the end of the three-day event, you will have seen the latest innovations in both FinTech and InsurTech. You will be able to see how companies like yours are tackling the problems that keep you up at night, engage in a community that many struggle to access, and share your ideas with people who care as much as you do.
How can you attend?
In the post-Covid era, not everybody wants to travel for events. So FinTech and InsurTech Live will be completely hybrid. That means you can attend the event in person or virtually - with no disadvantages to people who don’t make the trip to the Tobacco Dock.
FinTech and InsurTech Live is happening in the Tobacco Dock in London, a ten-minute walk from Tower Bridge. For more information on the location, click here.
There’s no need to worry about missing out if you choose not to attend in person. You can still absorb all the information, interact with other attendees and enjoy the conference experience on our virtual platform.
There will be live feeds from all of the stages (also available on-demand after the event) as well as virtual networking areas. So not being able to travel is no reason to miss your chance to gather with the industry.
What’s on the agenda?
With keynote addresses from global leaders, dynamic roundtable discussions, and extensive networking opportunities, FinTech & InsurTech 2021 will expand your network, deliver insight, and enhance your organisation’s reach.
Across the three-day event, a number of relevant topics and trends surrounding fintech and insurtech will be discussed.
- Tuesday 14 October - Diversity and Inclusion
- Racial equality (11:30 am)
- Supplier diversity (12:00 pm)
- Sustainability (12:30 pm)
- Women in fintech (14:30 pm)
- Wednesday 15 October - Challenger and neobanks
- Cashless society (14:00 pm)
- SMEs (14:30 pm)
- Thursday 16 October - Adopting new-age digital solutions in the insurance industry (06:00 am)
Influential executives from around the world will give their insights and professional experiences surrounding these topics, allowing you and your company to leave with valuable information.
The topics surrounding digital transformation should certainly be on the mind of every executive after the events of 2020 and how we all had to adapt to meet customer’s needs. Creating a digital roadmap is key, and making changes to the traditional ways of working. Customers now have new needs, and keeping up to speed with the digital changes, whilst also doing so safely, are important.
If you want to get leading perspectives on the future of fintech and insurtech, you can purchase your tickets here.