Next Insurance, $ 29 million to simplify small business insurance

by bold-lichterman

  • Next Insurance enables its clients to obtain insurance online in minutes.
  • The start-up provides a quote as soon as the customer has completed a questionnaire on the platform.
  • This investment should enable Next Insurance to create new insurance products for other verticals.

The amount

The American start-up Next Insurance, which offers insurance tailored to small businesses, has completed a funding round of $ 29 million. The transaction was led by Munich Re / HSB Ventures. Markel Corporation and Nationwide Building Society also participated in this fundraiser.

The market

Launched last year by Alon Huri, Guy Goldstein and Nissim Tapiro, Next Insurance develops and sells its own insurance products through insurance companies. The start-up takes a commission on each sale made. The company’s offering is aimed primarily at small businesses, but also at self-employed workers, such as photographers or sports trainers.

Unlike insurance sales for small businesses which can typically take several weeks, Next Insurance provides a quote as soon as the customer has completed a questionnaire on the platform. If he is satisfied with the offer, he can take out insurance within a few minutes. Customers also have the opportunity to purchase insurance through a chatbot on Facebook Messenger.

In the insurance market, other start-ups are trying to offer an alternative to traditional insurance. Among them, we find in particular Lemonade, Quilt, Jetty or Hippo.

The objectives of the Start-up

This investment should enable Next Insurance to create new insurance products for other verticals. “The complexity of the small business insurance market is very large and this leads to a situation where even the largest insurance providers hold less than 10% of the small business market», Explains Guy Goldstein, co-founder and CEO of Next Insurance. Based on this observation, he believes that this offers his company “enormous growth potential with the aim of specializing and becoming a market leader in each business vertical“.

Founders: Alon Huri, Guy Goldstein and Nissim Tapiro

Creation: 2016

The head office : Palo Alto

Activity: platform that sells its own insurance products to small businesses

Funding: $ 29 million in April 2017

Read also: 5 start-ups innovating in insurance