Next Insurance nets massive $83M Series B funding round

StartupNext Insurance Inc.today said it has raised a massive $83 million round of funding that seems to validate its model of providing customized insurance policies for small businesses.

The Series B round,ledby Redpoint Ventures, brings Next Insurances total funding to $131 million since its founding in 2016. Other investors, including Nationwide Insurance, Munich Re, American Express Ventures, Ribbit Capital, TLV Ventures and Zeev Ventures, also participated in this new round.

The startup has built a niche for itself in what it says is an underserved insurance market for smaller businesses, which traditionally have had to rely on price comparison websites to work out the coverage they need and where to buy it. Next said this model is outdated and doesnt always cover everything businesses need. So it customizes insurance packages for its clients instead, partnering with bigger insurance firms that underwrite its policies.

Next also serves private contractors, personal trainers and photographers, among other freelancers, with its insurance products. With Next, its possible to get purchase a customized insurance policy within a matter of minutes on its website, rather than waiting weeks when applying with a traditional insurer.

The company uses artificial intelligence-powered algorithms to help assess each applicant and come up with the right policy for each one. The company also offers a Facebook Messenger chatbot that can sell insurance policies and handle claims.

We use AI in a few ways with varying levels of sophistication, Next Chief Operating Officer Sofya Pogreb told SiliconANGLE.

For example, the company uses AI for user acquisition, Pogreb said, bringing in new small businesses for which its existing products might be a good fit. Next also uses AI to tailor its products and coverage for each customer and for things such as risk evaluation, risk-based pricing, claim assessments and decision-making.

[This involves] validating the data provided by the applicant, supplementing it with additional third-party and online footprint data, and using these inputs to create a custom quote that reflects the risks unique to each business, Pogreb explained.

With the new funding, Next plans to develop newer insurance products and improve its AI tech to streamline the applications and claims processes further. Our goal is to become the one-stop shop for all small business insurance needs, no matter where they are, said Next co-founder and Chief Executive Guy Goldstein.

The funding comes just weeks after Nextsecurednational insurance carrier status in Delaware, Oklahoma, Arizona, North Carolina, Texas, New Mexico, Maryland and Utah. The new designation means Next is free to write policies independently of its partner insurance firms, giving it more freedom to set its own prices and conditions to match customer needs.

Wed like to tell you about our mission and how you can help us fulfill it. SiliconANGLE Media Inc.s business model is based on the intrinsic value of the content, not advertising.Unlike many online publications, we dont have a paywall or run banner advertising, because we want to keep our journalism open, without influence or the need to chase traffic.

The journalism, reporting and commentary onSiliconANGLE along with live, unscripted video from our Silicon Valley studio and globe-trotting video teams attheCUBE take a lot of hard work, time and money. Keeping the quality high requires the support of sponsors who are aligned with our vision of ad-free journalism content.

If you like the reporting, video interviews and other ad-free content here,please take a moment to check out a sample of the video content supported by our sponsors,tweet your support, andkeep coming back toSiliconANGLE:

Like Free Content? Subscribe to follow.

Next Insurance nets massive $83M Series B funding round

Facebook fined $664K in UK over Cambridge Analytica data breach

Hacker found selling confidential U.S. military drone and tank documents on the darknet

Google unveils more advanced ad products powered by machine learning

Macys and restaurant group B&B Hospitality the latest to suffer data breaches

Box is acquiring Butter.ais teams and talent to boost its AI strategy

Google unveils more advanced ad products powered by machine learning

Box is acquiring Butter.ais teams and talent to boost its AI strategy

Apple combines its Siri and AI teams under former Googler John Giannandrea

EMERGING TECH- BYMIKE WHEATLEY.12 HOURS AGO

HPE CEO Antonio Neri aims to deploy AI at the network edge

IBM lands $740M contract to provide IT services to Australian government

INFRASTRUCTURE- BYMIKE WHEATLEY.5 DAYS AGO

Airwallex gets an $80M boost to ease cross-border payments

Baidu ups its bet on AI with new chips, a developer platform and self-driving buses

EMERGING TECH- BYMIKE WHEATLEY.1 WEEK AGO

Growing the API economy for integration platforms with SnapLogic

Facebook reported to have acquired Bloomsbury AI to help combat fake news

EMERGING TECH- BYDUNCAN RILEY.1 WEEK AGO

Google unveils more advanced ad products powered by machine learning

Box is acquiring Butter.ais teams and talent to boost its AI strategy

Apple combines its Siri and AI teams under former Googler John Giannandrea

EMERGING TECH- BYMIKE WHEATLEY.12 HOURS AGO

HPE CEO Antonio Neri aims to deploy AI at the network edge

IBM lands $740M contract to provide IT services to Australian government

INFRASTRUCTURE- BYMIKE WHEATLEY.5 DAYS AGO

Airwallex gets an $80M boost to ease cross-border payments

Baidu ups its bet on AI with new chips, a developer platform and self-driving buses

EMERGING TECH- BYMIKE WHEATLEY.1 WEEK AGO

Growing the API economy for integration platforms with SnapLogic

Facebook reported to have acquired Bloomsbury AI to help combat fake news

EMERGING TECH- BYDUNCAN RILEY.1 WEEK AGO

Check out more cube videos and stories

The future of converged infrastructure is now

HCI: A foundation for cloud computing

Analytics feeds machine makers global ambitions

Modern infrastructure management: accelerating productivity through machine learning

For personalised content stay with us.

Like Free Content? Subscribe to follow.

Next Insurance Raises $83 Million in Series B Round

The capital will fun expansion across the U.S. as a carrier, claims handling improvements, offering coverage for more classes of business, and growth of internal operations in the U.S. and Israel.

(Next Insurance founders Nissim Tapiro,Guy Goldstein and Alon Huri. Source: Next Insurance.)

Next Insurance(Palo Alto), a startup direct seller of small business insurance, announced today that it has raised $83 Million in a Series B Round led by Redpoint Ventures (Menlo Park, Calif.). Next Insurance will use the funding to continue its expansion across the U.S. as a full service insurance carrier, push boundaries for handling claims, offer coverage to many more classes of business, and significantly grow internal operations in both the U.S and Israel. Next Insurance announced that it had become afully licensed insurancecarrier in May 2018.

Elliot Geidt, Managing Director, Redpoint Ventures.

The Series B Round brings Next Insurances total funding to $131 Million in just two years. Other investors that participated in the round include Nationwide, Munich Re, American Express Ventures, Ribbit Capital, TLV Partners, SGVC and Zeev Ventures. Elliot Geidt, Managing Director of Redpoint Ventures, will join the board of Next Insurance.

We are at a monumental turning point in our companys history, comments Guy Goldstein, CEO and Co-Founder, Next Insurance. Our exponential growth over the last two years has proven that small businesses have been overlooked and underserved by the insurance market. Gone are the days of complicated, unreadable policies, exclusions that leave entrepreneurs vulnerable, and endless meetings and phone calls with insurance agents who dont understand the nuances and needs of different classes of business. Small businesses are the backbone of the US economy, and they deserve insurance policies that are simple to access, affordable to own, and which provide them the support and confidence they need to thrive. Our goal is to become the one-stop-shop for all small business insurance needs, no matter where they are.

Underwriting Depth, Digital Product Sensibilities, and Vision

We are thrilled to be partnering with Next Insurance as they build the first small business-focused commercial insurance carrier, comments Elliot Geidt, Managing Director of Redpoint Ventures. Next Insurance is fundamentally reshaping the way that small business insurance is delivered, providing an elegant product experience and lower cost offerings. Their combination of underwriting depth, digital product sensibilities, and vision has cracked the code of small business insurance and weve joined them to continue to enable their incredible growth.

Next Insurance is currently a licensed carrier in Delaware, Oklahoma, Arizona, North Carolina, Texas, New Mexico, Maryland and Utah, and plans to expand rapidly to all 50 states.

Next Insurance Becomes a Licensed Insurance Carrier

Next Insurance Launches Live Certificate Real-Time Insurance Verification

Anthony R. ODonnell// Anthony ODonnell is Executive Editor of Insurance Innovation Reporter. For over a decade he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached r (503) 936-2803.

Email(required – will not be published)

Tec Ofertas

Researchers find that filters dont prevent porn In a paper entitled Internet Filtering and Adolescent Exposure to Online Sexual Material, Oxford Internet Institute researchers Victoria Nash and Andrew Przybylski found that Internet filters rarely work to keep adolescents away from online porn. Its important to consider the efficacy of Internet filtering, said []

Brexit means blockchains, lots and lots of blockchains Does Brexit mean blockchain? The UK government has published a whitepaper some two years in the baking where it sets out its fuzzy thinking in an attempt to move beyond two years of Brexit fudge by squashing its warring factions behind a compromise []

Meero raises million for its on-demand photography service Have you ever wondered why photos on Airbnb, UberEats and your favorite hotel platform always look so good? French startup Meero has been working on a marketplace and AI-powered technology to make it easy to get good photos of products and places. The company []

Pointy raises M Series B to help bricks and mortar retailers fight Amazon Pointy​,​ the​ ​startup​ ​that​ offers tech to help ​bricks and mortar​ ​retailers put their stock online so that it can be discovered via search engines, has picked up $12 million in new funding. The Series B round is led []

Medical care scheduling startup Doctolib acquires MonDocteur What do you do when youve raised nearly $100 million and you want to grow as quickly as possible? In Doctolibs case, the startup is acquiring its main competitor MonDocteur. Together, the two companies work with tens of thousands of doctors and get tens of []

Alan introduces Alan Blue, a high-end health insurance product French startup Alan has been mostly focused on its main health insurance product  a standard package for companies of all sizes and shapes. The company is launching a second offering on this market with Alan Blue. Companies can now choose between two levels []

Next Insurance, an insurtech targeting small businesses, scores M Series B led by Redpoint Next Insurance, the Israeli digital insurance startup that helps small businesses get cover, has raised a significant new funding round, adding another $83 million to its balance sheet. The Series B round is led by Silicon Valleys Redpoint []

Xara Cloud is an easy to use design tool to help businesses create better looking content Xara is on a mission to help businesses create better looking content, and in turn save us all from having to consume visually unappealing marketing and comms material. The German startup has developed Xara Cloud, a []

Facebook under fresh political pressure as UK watchdog calls for ethical pause of ad ops The UKs privacy watchdog revealed yesterday that it intends to fine Facebook the maximum possible (500k) under the countrys 1998 data protection regime for breaches related to the Cambridge Analytica data misuse scandal. But thats just the tip []

Ledger finally has a good app for its crypto wallet French startup Ledger has been working for a while on a brand new app to manage your crypto assets on your computer. The company is designing and manufacturing one of the most secure hardware wallets out there. While its clear that security []

URPOWER 150ml Essential Oil Diffuser Aromatherapy Diffuser Portable Ultrasonic Aroma Humidifier with 7 Color Changing LED Lamps, Mist Mode Adjustment and Waterless Auto Shut-off Function

VTech Kidizoom Smartwatch DX2 – Pink – Online Exclusive

Women Shaver Eyebrow Trimmer Nose Trimmer Battery Operated Bikini Grooming Kit Mini Portable Design Women Groomer Kit for Bikini Area/ Armpit / Arm / Leg

Gourmia GI500 Electric Countertop Ice Maker Machine – Compact and Portable – Digital Timer – 3 Cube Sizes – 2.5 Qt Water Tank – 10 Minute Ice – Makes Over 26 lbs a Day – Bonus Scoop – Stainless Steel

ABC Sound Book For Children / English Letters & Words Learning Book, Fun Educational Toy. Learning Activities for Letters, Words, Numbers, Shapes, Colors and Animals for Toddlers

Sonic Breeze 16 Oscillating Wall Mount Fan 90 degree, 3-Speed, Low Noise

Aroma Housewares AEW-306 5-Quart Electric Wok

Cuisinart FP-12N Elite Collection Food Processor, White

Gadget Lab Podcast: Panos Panay on Why Microsoft Made the Surface Go

Disney tech smooths out bad CG hair days

Facebook reportedly hires AI chip head from Google

Yes, open office plans are the worst

Coinbase teases new cryptocurrency assets that its exploring support for

Next Insurance an insurtech targeting small busesses scor $83M SeriB led by Redpot

🇺🇸 Welcome to Tec Ofertas USA 🇺🇸

Next Insurance, an insurtech targeting small businesses, scores $83M Series B led by Redpoint

Next Insurance, an insurtech targeting small businesses, scores $83M Series B led by Redpoint

Next Insurance, an insurtech targeting small businesses, scores M Series B led by Redpoint

Next Insurance, the Israeli digital insurance startup that helps small businesses get cover, has raised a significant new funding round, adding another $83 million to its balance sheet.

The Series B round is led by Silicon Valleys Redpoint Ventures, and will be used by the company to continue expanding across the U.S., where it now operates as a full service insurance carrier. It will also increase headcount in both its Israel and U.S. offices.

Founded in 2016 with the aim of becoming a one-stop insurance shop for micro and small business insurance needs,Next Insurancedesigns insurance plans for business sectors that are often overlooked by more general insurers.

Small business owners often rely on price comparison websites to figure out what kind of coverage they need and where to buy it, though that means the plans they get dont always cover all their needs. The other option is to use a broker but that also adds another middle person.

The complexity of the small business insurance market is very significant and this leads to a situation where even the largest insurance providers own less than 10 percent of the small business market, founder and CEO Guy Goldsteintold TechCrunchwhen the company raised its Series A. This offers us huge growth potential as we aim to specialize in and become a market leader in each small business vertical.

The small business sectors where Next Insurance offers general and professional liability insurance currently includes contractors, fitness, cleaning, beauty, therapy, entertainment, and education. It lets you buy insurance instantly at what it claims is very competitive prices and with no hidden fees. In addition, now that Next Insurance is a licensed carrier, it is able to write policies independently, with what it says is more freedom over underwriting, setting prices, and configuring policies.

Moving forward, the company plans on adding further lines of insurance, on-demand coverage, and ensuring that claims are paid within 48 hours. It is also hoping to develop more sophisticated uses of AI and machine learning to improve the customer experience and streamline the insurance purchasing process.

To that end, Goldstein says Next Insurances Series B is a monumental turning point in the companys history, describing growth over the last two years as exponential. Hyperbole aside, the company does appear to have found market fit, as evidenced by the size of the round and how many previous backers followed on.

The Series B Round brings Next Insurances total funding to $131 Million in just two years. Other investors that participated in this round include Nationwide Insurance, Munich Re, American Express Ventures, Ribbit Capital, TLV Ventures, and Zeev Ventures. Elliot Geidt, Managing Director of Redpoint Ventures, will join the board of Next Insurance.

More broadly, the insurtech space is rapidly heating up in recognition that the insurance sector, both consumer and B2B, is still yet to be fully digitised, especially in a mobile-first world. In the U.S., consumer home insurance app Lemonade has been grabbing most of the headlines, not least after itraised $120 millionin a round led by Softbank.

Gone are the days of complicated, unreadable policies, exclusions that leave entrepreneurs vulnerable, and endless meetings and phone calls with insurance agents who dont understand the nuances and needs of different classes of business, adds Goldstein in a statement. Small businesses are the backbone of the U.S. economy, and they deserve insurance policies that are simple to access, affordable to own, and which provide them the support and confidence they need to thrive.

Next Insurance, an insurtech targeting small businesses, scores M Series B led by Redpoint

Panasonic Countertop Microwave Oven with Genius Cooking Sensor and Popcorn Button, 1.3 cu. ft

Terresa Curling Iron 1 Inch, Hair Curler Wand for Long Thick Hair, Metal Ceramic Heating Tech, Dual Voltage, 19 Heat Settings, LCD Digital Display, Sleek and Healthy Salon Curler Waver Maker

Hamilton Beach 40885 Stainless Steel Electric Kettle, 1.7-Liter, Red

HOOVER Vacuum Cleaner T-Series Windtunnel Rewind Plus Bagless Lightweight Corded Cobalt Blue Upright Vacuum UH70122PC

Lighted Color-Changing Pumpkin Halloween Decoration

Lenovo Tab 10, 10-Inch Android Tablet, Qualcomm Snapdragon 210 Quad-Core 1.3 GHz Processor, 16 GB Storage, Slate Black, ZA1U0003US

Bissell 1985 Multi Cordless Hand Vacuum – PARENT

Flat Iron, Flat Irons , Hair Straightener with 1 inch 3D Floating Plate & Elasticity Cool Tip

MRP US Portable Ice Maker Stainless Steel Ice Machine ICE702 With 3 Selectable Cube Size (New)

Kenmore 81382 7.4 cubic feet Electric Dryer with delivery and hookup (Available in select cities only)

Commercial and Home Clevr Ozone Generator/ 1 YEAR LIMITED WARRANTY

Brentwood DF-720 1200w 8-Cup Deep Fryer, Stainless Steel

Electric Coffee Mug Warmer and Beverage Warmer Waterproof Glass Panel Electric Heater Plate with 63 Inches Long Cord Great for Office Home

Breville BCI600XL Smart Scoop Ice Cream Maker

Nintendo New 2DS XL – Black + Turquoise

BRAUN 30B 7000 Series 4000 Series Mens Shaver Foil + Cutter Set Head Replacement

Duxtop LCD 1800-Watt Portable Induction Cooktop Countertop Burner 9600LS

Inkbird Pre-Wired Digital Dual Stage Temperature Controller Outlet Thermostats 110V 1000W With 6.65ft DC Cord NTC Stainless Probe Sensor for Aquarium, Incubator ect

Gadget Lab Podcast: Panos Panay on Why Microsoft Made the Surface Go

Disney tech smooths out bad CG hair days

Facebook reportedly hires AI chip head from Google

Yes, open office plans are the worst

Coinbase teases new cryptocurrency assets that its exploring support for