Small business-focused insurtech NEXT Insurance has announced the launch of the Certificate of Insurance (COI) Analyzer, a new offering that allows small business owners to generate free, custom-made COIs instantly.
A COI can make the difference between being hired for a job and being passed over, NEXT said. The company’s COI ANalyzer allows customers to upload a sample certificate and receive an automatically generated COI in seconds through the desktop or mobile app.
The offering uses machine learning models to read the sample document using optical character recognition and an object detector network to extract and understand certificate-holder details, as well as any special requirements that may be included in the sample certificate, NEXT said.
“Insurance shouldn’t stall a small business owner from thriving, it should empower them to build, launch, grow and expand,” said Effi Fuks-Leightag, CPO at NEXT Insurance. “Leveraging the latest machine learning models, we’re able to remove the guesswork, likelihood of human error and ensure that the COI is right the first time so that the individual can get back to their passion of running a business.”
For businesses in construction, retail, fitness and other sectors, a new and personalized COI is often required for each new job. NEXT Insurance found that some construction business owners may need to share a COI nearly 200 times per year. In 2022, NEXT customers created an average of 16,314 COIs per month.
“As a fitness, nutrition and wellness coach, COIs are critical for me to quickly secure jobs and maintain my work with clients,” said Laura Jean, founder and CEO of Fit by LJ. “Every six months, I may need to create up to four different COIs, so efficiency and accuracy for each request are crucial. NEXT’s COI Analyzer eliminated several tedious steps from the process, saving me an average of 10 minutes. Just recently, I used the COI Analyzer to complete the process, and after NEXT automatically sent the proof to my potential employer, I was hired within 20 minutes.”
Earlier this month, NEXT announced the appointment of Jack Ramsey as vice president of agents. In March, the company announced a partnership with LegalZoom to help small business owners create and protect their businesses online.
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