Next Insurance, a leading digital insurance company for small to medium businesses, announced today that it has raised $29 million in a Series A funding round led by Munich Re/HSB Ventures along with Markel, Nationwide, and other existing investors.
The funding will be used to continue building Next’s own insurance products and expand their offering to new business sectors. The announcement follows their recent release of the first ever Facebook chatbot for small business insurance.
“The small business sector is vast and extremely varied, yet the small business insurance market is digitally underserved. This is especially true for independent business owners like photographers and personal trainers that we’re already serving,” said Guy Goldstein, Co-Founder and CEO of Next. “Next’s platform is able to overcome significant challenges by simplifying and expediting the insurance sign up and engagement process for the small business owner and channeling advanced data analytics to create policies that are tailored to the unique needs of different classes of business. Partnering with investors of this caliber will enable us to expand our activities faster and bring valuable products to a wider range of these types of business owners.”
Next Insurance develops a direct link with targeted small business owners enabling the company to create uniquely tailored insurance programs that address needs that are not met by traditional insurance products. Next utilizes direct access with their customers via an online platform that accomplishes in minutes what is now taking days and even weeks. Leading a paradigm shift in insurance for these businesses, this pipeline is creating the data pool necessary to identify the ideal policies, correct prices, and to perfect processes that lead to happier customers.
“Insurance is changing to meet the needs of micro businesses,” said Jacqueline LeSage Krause, Managing Director, Munich Re/HSB Corporate Ventures. “Next is a leader in using new technologies, combined with a deep knowledge of clients’ unique needs, to precisely tailor insurance solutions, simply and easily.”
Next’s model of merging technology and insurance expertise has generated an enthusiastic response from its small business customers. “We are filling a gap in the market,” said Alon Huri, Co-Founder at Next Insurance. “We have seen very impressive growth since we started selling insurance to Personal Trainers and Photographers, and we’re excited to use this funding to expand to other business verticals.”
Contributed | what does this mean?