- Next Insurance, a leading digital insurance technology company that is transforming the small business insurance industry, announced a $100 million run rate
Next Insurance — a leading digital insurance technology company that is transforming the small business insurance industry — has announced its 2019 growth figures. Plus the company also announced that it has been granted approval by the State of New York to offer General Liability and Workers’ Compensation through the Next Insurance digital platform.
Plus Next Insurance recently reached a valuation of over $1 billion following the announcement of its Series C funding round in which the company raised $250 million from Munich Re. Including that round, it brought the total amount of funds raised to $381 million.
“In 2019, Next Insurance focused on delivering the best insurance solution to our customers, turning the company into a one-stop, fully digital experience. We also continued our growth, tripling our business,” said Next Insurance CEO and co-founder Guy Goldstein. “Our national presence has also accelerated significantly as we are now licensed to sell insurance in every state, and we’ve made a number of key executive hires that will help us continue to drive the company forward. We are excited for what’s to come as we continue to build Next Insurance into the best insurance solution for all small businesses.”
Some of the company’s key highlights in 2019 included a 3x growth in annual gross written premiums compared to 2018. And as of January 2020, the company’s annual gross written premium run rate has grown to more than $100 million. Now Next Insurance also offers tailored policies to over 1,300 different types of business, an increase of 30x from 2018, including general contractors, fitness professionals, cleaners, entertainers, teachers, beauty professionals, etc.
In December 2019, Next Insurance also launched a one-stop-shop portal where customers can buy and manage various policies under one roof. And last year, Next Insurance brought claims in-house with over 50% of decisions being made within 48 hours.
The company also made some key executive appointments in 2019. In November, Next Insurance hired former Fitbit executive Melanie Chase as Chief Marketing Officer and former Yelp executive Effi Fuks Leichtag as Chief Product Officer. And last month, Next Insurance appointed Emmy-nominated former Spotify Creative Spencer Hansen as Executive Creative Director. This month, Chris Lewis — who will be leading Agency Channel efforts — is joining Next Insurance from Hiscox.
