Next Insurance is an Israeli-founded, California-based insurtech startup that provides coverage for small businesses and entrepreneurs, using artificial intelligence and machine learning technologies to tailor insurance policies for its customers.
Today, Next Insurance announced it has raised $250 million in Series D funding at a company valuation of $2 billion. The funding round was led by new investor CapitalG, with the participation from existing investor Munich RE, a leading German insurance company. Just a year ago, Next insurance raised $250 million in Series C funding with Munich RE.
This news comes on the heels of Lemonade’s recent IPO and Hippo’s recent $150M round, proving millions of dollars are being pumped into the disruption of the stagnant – but fundamental – insurance industry, and investors, consumers and businesses are reaping the benefits.
Next Insurance has built its digital product portfolio from the ground up using machine learning, data science, and modern customer support practices to deliver a more customized, affordable, and delightful insurance experience to small business customers. As a result, the company has been on an upward trajectory since launch.
Founded in 2016 by Israeli entrepreneurs Nissim Tapiro, Guy Goldstein, and Alon Huri in 2016. Next Insurance is an online-based insurance company for entrepreneurs and small businesses. The company’s services feature claims investigation as soon as possible, with many being decision within 48 hours that helps its clients to get transparency. Next employs a team of 85 people in Israel with the rest of its 200-person team based in the U.S.
Next offers general liability, professional liability, commercial auto, and, most recently, workers’ compensation coverage and says its policies are tailored, easy to understand, and easy to buy with instant, 24/7, online access.
Through its platform, clients can add additional insureds, update policies or payment information, and send verifiable proof of insurance, from a smartphone or computer. Its Live Certificate service gives clients access to the industry’s “first real-time certificate of insurance verification.” Next for Agents enables customers to purchase Next Insurance policies through an agent.
“We have the technology that can provide a solution for every type of business…and we are leveraging this technology to apply to every business in the market,” Goldstein, who serves as CEO, told Crunchbase News.
Other investors in Next Insurance include Red Point Ventures, American Express, Ribbit Capital, and three Israeli funds TLV Partners, SGVC Fund, and Zeev Ventures.