Next Insurance sees 3x growth, hits $100 million gross written premium run rate
Next Insurance, the leading digital insurtech company transforming small business insurance, today released its 2019 growth figures, detailing additional insurance offerings across multiple new lines of business, classes of business covered, new carrier states and more. 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.
Next Insurance recently reached a valuation of more than $1 billion following the announcement of its Series C funding round, in which the company raised $250 million from Munich Re. This brings the total amount of funds raised to $381 million, helping the company get one step closer to its goal of becoming the premier online one-stop-shop for all small business insurance needs.
“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 Guy Goldstein, CEO and co-founder of Next Insurance. “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.”
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.