Next Insurance, an Insurtech seeking to transform small business insurance, released its 2019 growth figures, which revealed that it hit $100 million gross written premium run rate. Founded in 2016, Next Insurance is on a mission to transform small business insurance with “simple, affordable” coverage that is tailored to the needs of each class of business.
“Next Insurance offers policies that are easy to buy with instant, 24/7, online access to services such as Live Certificates of Insurance, Additional Insured, and more with absolutely no extra fees. Revolutionizing traditional insurance processes, Next Insurance is utilizing advanced technology to offer the industry’s most innovative small business insurance policies.”
The 2019 growth results come less than six months after Next Insurance raised $250 million in a Series C funding round from Munich Re, bringing the insurtech’s valuation to more than $1 billion. The company has raised $381 million in total funding. Speaking about the results, Guy Goldstein, CEO and co-founder of Next Insurance, stated:
“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. 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.”
Key 2019 Growth Highlights:
- Annual Written Premium Run Rate Skyrockets:
- In 2019, Next Insurance saw 3x growth in annual gross written premiums compared to 2018.
- As of January 2020, the company’s annual gross written premium run rate has grown to over $100 million.
- Over 1,300 Classes of Business Served:
- Next Insurance now 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, and many more.
- Phenomenal Service Soars:
- In December 2019 Next Insurance launched a one-stop-shop portal where customers can buy and manage various policies under one roof.
- Next Insurance continues to delight customers and reports an average NPS score of 75 and a 4.8/5 average customer review on Google.
- In 2019, Next Insurance brought claims in-house, with over 50% of decisions being made within 48 hours.
- Agency Channel Grows:
- In 2019, in addition to growing its direct channel offering, Next Insurance began to grow its agency channel via several large partnerships.
- Product Line Expansion:
- Next Insurance introduced two new lines of business: Professional Liability and Workers’ Compensation, adding to General Liability and Commercial Auto coverage.
- Number of Carrier States Almost Doubles:
- As of February 2020, Next Insurance is now licensed as a carrier in 28 states (up from 15 at the beginning of 2019) and is rapidly expanding to become a carrier in all 50 states.
- Executive Appointments:
- In November 2019, Next Insurance welcomed former Fitbit executive Melanie Chase as Chief Marketing Officer and former Yelp executive Effi Fuks Leichtag as Chief Product Officer.
- In February 2020, Next Insurance appointed Emmy-nominated former Spotify Creative Spencer Hansen as Executive Creative Director.
- In March 2020, Chris Lewis, who will be leading Agency Channel efforts, joins Next Insurance from Hiscox, bringing over 20 years of Commercial Insurance experience, in a mix of distribution and underwriting roles.