- Leading digital Insurtech company Next Insurance announced it raised $250 million in Series C at a valuation of more than $1 billion
Next Insurance — a leading digital Insurtech company transforming small business insurance — announced that it raised $250 million in Series C funding round from Munich Re. And this funding round brings Next Insurance’s total funding to $381 million in just over 3 years with a valuation of over $1 billion.
The funds will enable new product development as Next Insurance scales its industry-leading small business insurance products. And with this round of funding, Next Insurance will significantly accelerate customer expansion initiatives and continue 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.
“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 Next Insurance co-founder and CEO Guy Goldstein. “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.”
Next Insurance essentially 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. And this includes general liability, professional liability, commercial auto, and now workers’ compensation coverage. Plus 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.
“Next Insurance’s data- and technology-driven business model offers outstanding growth opportunities, which we will harness together,” added 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.”
Next Insurance also offers a range of additional benefits to customers at no additional cost such as Live Certificate, the industry’s first real-time certificate of insurance verification. And Next Insurance also offers customers access to an online portal where policyholders can add additional insureds, update policy or payment information, and send verifiable proof of insurance all from a smartphone or computer. Plus Next Insurance launched Next for Agents, a platform that enables customers to purchase Next Insurance policies through an agent.