According to a 2016 report by McKinsey & Co, the small commercial market has good potential for growth in a "fragmented competitive and geographic landscape." The report found that almost 40% of sole proprietorships in the U.S. don't carry small commercial coverage, representing a significant opportunity for growth with small businesses.
"Munich Re is committed to investing significantly in digitizing insurance to benefit clients and insurers around the globe," said Andrew Rear, Chief Executive of Digital Partners at Munich Re. "We're looking forward to watching Next Insurance take on a market that is already significant and expected to grow by double digits in the coming years."
Photographers will now be able to pay for insurance with Next Insurance on a monthly subscription basis in all 50 states and any time of day or night, as they get their businesses ready for the new year. Insurance packages available are simple to select and tailored based on deep understanding of the industry as well as discussion with photographers, so that usual exceptions like liability and off-premise use of cameras is covered as well. These packages are just as tailored to the industry needs as the personal trainer packages already available through Next Insurance.
About Next Insurance
Next Insurance provides online insurance for commercial small businesses in the U.S. The company pairs a deep understanding of specific business needs with advanced technology to tailor the most affordable and relevant insurance coverage for business owners. For more info, visit https://www.next-insurance.com.
About Munich Re
Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2015, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €3.1bn on premium income of over €50bn. It operates in all lines of insurance, with more than 43,000 employees throughout the world. With premium income of around €28bn from reinsurance alone, it is one of the world's leading reinsurers. Munich Re's primary insurance operations are concentrated in ERGO, one of the leading insurance groups in Germany and Europe. In international healthcare business, Munich Re pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand.
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SOURCE Next Insurance