Next Insurance
New Member
- 3
It's great to find this community - I have been reading a lot and learning a ton. I am part of the Next Insurance team - we are a startup looking to provide a superior GL product for the construction industry.
I have been doing a lot of research to understand what is already available, what businesses in the industry need, etc. - and would love to get some input / advice from this group. Can you opine on where the unmet needs are in this space?
From what I am seeing:
- challenging to get coverage in certain states (e.g., NY)
- policy structure is very complex - numerous exclusions; simplifying would help
- claims experience is key - need to get that right, important to build the reputation of a provider that pays when things go wrong
- important to have coverage across artisan classes; many construction business do a variety of work that won't fit within a single class
- and lastly, lower pricing is always welcome provided coverage doesn't suffer
I would love additional wisdom! How important is it to offer Inland Marine / Workers Comp / Surety Bonds / Commercial Auto along with GL right away? What other big Construction-specific insights am I missing?
Finally: I know there are quite a few Construction Insurance experts on the forum - if anyone is open to a brief chat over the phone, would love to pick your brain further. Thanks in advance for everyone's help!
- Sofya Pogreb
COO, Next Insurance
I have been doing a lot of research to understand what is already available, what businesses in the industry need, etc. - and would love to get some input / advice from this group. Can you opine on where the unmet needs are in this space?
From what I am seeing:
- challenging to get coverage in certain states (e.g., NY)
- policy structure is very complex - numerous exclusions; simplifying would help
- claims experience is key - need to get that right, important to build the reputation of a provider that pays when things go wrong
- important to have coverage across artisan classes; many construction business do a variety of work that won't fit within a single class
- and lastly, lower pricing is always welcome provided coverage doesn't suffer
I would love additional wisdom! How important is it to offer Inland Marine / Workers Comp / Surety Bonds / Commercial Auto along with GL right away? What other big Construction-specific insights am I missing?
Finally: I know there are quite a few Construction Insurance experts on the forum - if anyone is open to a brief chat over the phone, would love to pick your brain further. Thanks in advance for everyone's help!
- Sofya Pogreb
COO, Next Insurance