Growth round cements Next Insurance as the latest Insurtech Unicorn.
Next Insurance, the leading digital Insurtech company transforming small business insurance, has announced that it has raised $250 million in a Series C funding round from Munich Re.
The funds will enable new product development as Next Insurance scales its industry-leading small business insurance products. Armed with its new funding, Next Insurance will significantly accelerate its customer expansion initiatives, continuing its drive to make the company the only online one-stop-shop for all small business P&C insurance needs with coverage that is simple, affordable, and tailored to the specific needs of every business. The funding round brings Next Insurance's total funding to $381 million in just over three years, with a valuation of over $1 billion USD.
Next Insurance provides digital small business insurance coverage across the US and is upending the traditional industry model by enabling businesses to acquire all P&C insurance products in one place and at any time. This includes, general liability, professional liability, commercial auto and, as of today, workers' compensation coverage. Next Insurance provides insurance coverage to over 1,000 unique types of business with policies that are tailored to their needs, simple to understand and affordable.
"We have been working with Munich Re since the beginning, and they have been a great partner in helping us grow and develop our business," said Guy Goldstein, Co-Founder and CEO of Next Insurance. "We launched Next Insurance in order to transform the small business insurance industry and this new investment will continue to help us grow our team, develop our technology, deliver phenomenal service and accelerate customer growth. We are excited about the future of insurance and are proud to be, together with Munich Re, drivers of industry change."
What also sets Next Insurance apart is that the company offers a range of additional benefits to customers at no additional cost. This includes the revolutionary Live Certificate, the industry's first real-time certificate of insurance verification. Next Insurance also offers customers access to an online portal where policyholders can add additional insureds, update policy or payment information, send verifiable proof of insurance, and more, all from a smartphone or computer.
Most recently, Next Insurance launched Next for Agents, a platform that enables customers to purchase Next Insurance policies through an agent.
"Next Insurance's data- and technology-driven business model offers outstanding growth opportunities, which we will harness together," said Joachim Wenning, Chairman of the Board of Management at Munich Re. "Next Insurance will benefit from our expertise in primary insurance and reinsurance. This investment emphasizes Munich Re's commitment to be the leading provider of digital insurance solutions. It also helps Munich Re expand its footprint in the promising insurance market for small and medium-sized commercial customers in the United States. We are confident that building on our proven collaboration will benefit both Munich Re and Next Insurance."
About Next Insurance
Next Insurance is transforming small business insurance with simple, affordable coverage, tailored to the needs of each class of business. Next Insurance offers policies that are easy to buy with instant, 24/7, online access to services such as Live Certificates of Insurance, Additional Insured, and more with absolutely no extra fees. Revolutionizing traditional insurance processes, Next Insurance is utilizing advanced technology to offer the industry's most innovative small business insurance policies. Founded in 2016 by a team of serial entrepreneurs, the company is headquartered in Palo Alto and has received a total of $381 million in venture capital funding from MunichRe, Redpoint Ventures, Nationwide, Markel, American Express Ventures, Ribbit Capital, TLV Partners, Group 11, and Zeev Ventures. To see how Next Insurance performed in 2018, click here. For more information about the company, visit Next-Insurance.com
About Munich Re
Munich Re is one of the world's leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the capital investment company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake through to the 2017 Atlantic hurricane season and to the California wildfires in 2018. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies, cyberattacks, or pandemics. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world's most sought-after risk partners for businesses, institutions, and private individuals.
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