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Next Insurance raises $29m to develop new insurance products

IBR Staff Writer Published 05 May 2017

Digital insurance firm Next Insurance has raised $29m in a Series A funding to advance its development of new products for small to medium businesses.

The company has raised the funding in a round led by Munich Re/HSB Ventures, as well as Markel, Nationwide, and other existing investors.

The company is planning to use the funding for continuing the development of its own insurance products, in addition to expanding the product portfolio to new business sectors.

Started in Palo Alto of California, Next Insurance is engaged in the development of insurance programs to meet the requirements of small business owners.

The customers can access the firm’s products through an online platform, helping to complete the task within short time.

Next Insurance will create the required policies with suitable prices to meet the needs of the small to medium businesses.

The company will collaborate with existing insurance providers to issue the policies, focusing mainly on issuing policies within its technology platform.

Next Insurance co-founder and CEO Guy Goldstein said: “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.

“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.”


Image: Digital insurance firm Next Insurance has raised $29m to develop new products. Photo: courtesy of Stuart Miles / FreeDigitalPhotos.net.