Nextech3D.ai adds insurance to event platform Map Dynamics - ICYMI

Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF) CEO Evan Gappelberg talked with Proactive about the company’s latest move to integrate exhibitor insurance directly into its Map Dynamics platform.

Gappelberg explained that exhibitors attending events often face challenges when securing required insurance documentation.

Traditionally, they must contact their insurance provider, request additional coverage, and forward the paperwork to event organizers, a time- consuming and tedious process. 

Proactive: Alright welcome back inside our Proactive newsroom, and joining me now is Evan Gappelberg. He is the CEO of Nextech3D.ai. Evan, good to see you again, how are you?

Evan Gappelberg: Great. Great to be back.

The company is out with some really interesting news today of putting together something we all need and we hate to do it — talking about insurance here. So, tell us a little bit about it.

Yeah, insurance is a problem for exhibitors when they go to an event. I’ve actually been an exhibitor, and you have to go to your insurance company and get a document that says you’re additionally insuring this event. It’s a huge time suck. It’s quite painful. Oftentimes the insurance carrier charges you for this service.

What we’re doing is circumventing all that. This is now going to be embedded into the Map Dynamics platform. It’s a seamless one-stop shop for exhibitors to just click a button and have the insurance sent directly to the show organizer.

It’s a relatively low-cost solution, about $50 or $100 for the exhibitor to use our one-stop shop solution.

You’re dealing with a company called Vertical Insurer. Was it important to find the right partner to put into this, given how many events you do?

Yeah. Vertical Insurer is aggressive. They’re looking to expand into this industry and have had success with other event tech platforms. With our 500-plus events, we have over 10,000 exhibitors already using our platform. We see this generating revenue rather quickly.

The beauty of this for Nextech is that it’s zero cost for us. We essentially earn a commission for everybody that signs up for this insurance. The actual technology gets embedded into our platform, and we just ring the register every time somebody clicks on the insurance button.

Great new source of revenue as well, which is good. You’ve got 500 events annually, 10,000 exhibitors. Have you been hearing feedback from them about needing something like this?

Yeah. Everybody in the event industry knows insurance is a longstanding problem. Exhibitors are doing 10 to 100 different things to get ready for a show. The last thing they want is to supply the organizer with a copy of their insurance.

From the show organizer’s perspective, if they have 500 exhibitors, they have to keep track of 500 forms. It’s a manual process, very inefficient. What we’re doing by embedding Vertical Insurer into Map Dynamics is solving that problem. It creates a one-stop shop for organizers and exhibitors.

Quotes have been lightly edited for clarity and style