The insurance industry is a highly competitive arena with the most successful companies rising to meet consumer demands. It's become a war zone among those who offer the most user-friendly technology that places information and services within the fingertips of all stakeholders within the insurance industry. Next Insurance is a company that is on the rise and it is making leaps and bounds in growth and expansion. This is truly one of the most phenomenal new startups in the insurance arena. To help you become more familiar with the newcomer, here are 20 things you didn't know about Next Insurance.
1. Next Insurance is a brand new company
Most businesses struggle to become established and many fail within the first two to three years of opening their doors. Next insurance has been in operation since 2016. The company has only been in business for a little over three years. As it enters into its fourth year of operation, it is still going strong and is expanding the services and products that it offers. It is a phenomenal new business that has defied the odds to rise to a solid positioning within the insurance industry.
2. Next Insurance caters to entrepreneurs
Entrepreneurship is alive and well and there are more new business startups than at any other time in history. Small business owners face unique challenges, and there are few large insurance companies that take the individual needs of these small companies into consideration. Next Insurance believes in entrepreneurs and one of the goals of the company is to provide excellent insurance coverage with tailored policies that provide the necessary coverages along with affordable rates.
3. Next Insurance offers online services and products
In meeting the demand for ease of use and convenience, Next Insurance offers policies that are one hundred percent online. There is no need to schedule an appointment with an agent because Next Insurance provides information about policies through their website and you can make a purchase without the need to talk to anyone else about it. This eliminates the pressure that some insurance representatives place on potential clients. You are in the driver's seat and you make all of the decisions on your own without feeling rushed. This service is available 24/7.
4. Next Insurance cuts out the fat
The policies offered through Next Insurance can be tailored to meet your exact insurance needs. While some policies may offer a package deal that is all or nothing, providing services that you will probably never use, Next Insurance offers plans that can meet their clients at whatever stage of life they are in and they can be customized to provide the kind of coverage that is necessary without adding extras that are not desired. This also helps to keep the cost of coverage down so it is affordable for everybody.
5. Next Insurance offers a customer portal
If you're knowledgeable about online technology you'll appreciate the fact that all Next Insurance customers have access to the company's online portal. This portal allows the insured to access necessary documents and forms for making changes or for receiving confirmations of contracts at the touch of a finger.
6. Next Insurance bypasses agent fees
One of the most notable aspects of Next Insurance is that there are no charges for agent fees. The technology that is used to run the site takes the place of agents and this is how the company is able to keep the costs of the insurance policies down. Next Insurance never charges extra fees for any reason. There are no surprises and no hidden fees. This is one of the reasons why the company has become so popular with consumers and why it has grown at such a fast pace.
7. Next Insurance is a specialty company
Next Insurance specializes in working with small businesses to obtain the most appropriate insurance coverage. They deal with entrepreneurs offering products and insurances using Insurtech technology. This is a new trend that is occurring within the insurance industry. German entrepreneur and CEO of WeFox Julian Teicke established a similar company in Berlin, Germany, serving Europe. Next Insurance is a US company that is based in Palo, Alto, California, serving the United States of America.
8. The founders are serial entrepreneurs
there are three entrepreneurs who founded Next Insurance. They are Nissim Tapiro, Guy Goldstein, and Alon Huri. The trio had previously founded a company that they named Check, Inc. After establishing the company, it was purchased in 2014 by Intuit. Next Insurance was created to address the problem that consumers were having when looking for the most appropriate kind of insurance at an affordable rate. This was previously a serious issue, so the three put their heads together and created Next Insurance which acts as a brokerage that is direct to consumers in sales and services.
9. Next Insurance is a late-stage company
This company has raised a total of $381 million in capital venture funds. The first funding round took place on March 15, 2016, and was led by Ribbit Capital, TLV Partners, and Zeev Ventures, raising $13 million. On May 3, 2017, funding round was led by Munich Re Ventures resulting in an additional $35 million in funds raised. On July 11, 2018, Redpoint led another round of funding that raised $83 million and on October 7, 2019, a round of Series C funding led by Munich Re Ventures raised an extra $250 million.
10. Big investors have faith in Next Insurance
One of the reasons for the success of Next Insurance is because of its financial backing. The founders were fortunate to deliver a compelling pitch to major investors who saw the great potential of the company to move forward and become successful within the insurance and technology industry. A total of seven major investors are backing the privately held company. These include American Express Ventures, Munich Re Ventures, Zeev Ventures, Group 11, Redpoint headed by Elliot Geidt, TLV Partners.
11. Next Insurance combines people with technology
Although most clients of Next Insurance will never have the need to deal with a real person to enroll in coverage, there are plenty of people working hard and professionally behind the scenes. The online business operates through a system that is based upon groundbreaking artificial intelligence-based technology. Backing the technology are hundreds of staff members on the team comprised of insurance advisors, product managers, data scientists, designers, and others who are working together to provide convenient and affordable insurance solutions and services.
12. Next Insurance offers four major benefits
If you're wondering what makes this company so popular and successful, it can be broken down into four main benefits. The first is a live certificate. This provides all clients with instant proof of insurance from the second that the policy is enstated. You can print out your proof of insurance immediately and use it if necessary without the hassle of waiting for an official card to arrive. The second is that there are no additional costs to pay for the policies with monthly installments. Many insurance companies insist on a 6-month payment in full, or they charge an extra fee for processing monthly payments. This service is free with Next Insurance. The third benefit is that you will receive an instant quote on a query about an insurance plan in less than five minutes. It's all done online so you won't need to wait for an insurance rep to contact you and take up a lot of your precious time trying to sell you on a plan. The fourth benefit is that Next Insurance offers great online service, but if you need to talk with someone, there is always a real person that you can connect with.
13. The company insures a broad range of industries
Next Insurance serves a range of different businesses with tailored coverage plans. These include construction businesses, contractors, consulting firms, beauty companies, therapy firms, fitness centers, cleaning businesses, entertainment, education, and many others. They specialize in serving small to medium-sized businesses.
14. Next Insurance offers a host of coverage types
There are a lot of different kinds of insurance policies available. Next Insurance offers a broad range of plan choices. Some of these are auto insurance, professional liability insurance, commercial auto insurance, workers' compensation, business insurance, and general liability insurance.
15. Next Insurance Reached Unicorn Status
Within just three short years of officially commencing business, Next Insurance achieved unicorn status. This is the term that is applied when a company reaches the $1 billion valuation or above. The event took place after a $250 million funding round that put them over the top.
16. The statistics for Next insurance are impressive
Next Insurance serves more than 1,000 different unique types of businesses. Although we gave a short overview of the industries served earlier, this doesn't even begin to scratch the surface. There are so many subtypes of businesses within an industry that listing each one individually would result in an exhaustive list. The customer base in the company is more than 70,000 customers and growing.
17. There are plans for expansion
The current CEO and co-founder of Next Insurance, Guy Goldstein shared that the executive team has plans to expand the company yet further. Some of the new capital that was raised will be used to develop new products as well as expanding on its current customer initiatives.
18. Next Insurance is filling a serious gap for small businesses
Next Insurance addresses the needs of those previously overlooked by the major insurers. It can be difficult for small to medium-sized businesses to find affordable insurance coverage. Many are priced out of the game by general insurers. Next Insurance was developed to provide solutions for this problem that has plagued entrepreneurs for decades. It is the goal of Next Insurance to continue to grow and expand the scope of coverage options and to become the leader in digital insurance solutions.
19. The company is still privately held
Next Insurance is a company that many big investors believed in and the funding that they raised has paid off and resulted in a major success. There has been no mention of taking the company public. Although it would be an excellent candidate for filing an IPO, there is no need as becoming a publicly traded firm is generally done because it's necessary to raise additional funds for growth and expansion. If Next Insurance were to go public, it would be a stock to keep your eye on because so far, it is growing at an exponential rate, but don't expect any stock to be offered on it in the near future.
20. Next Insurance is a company to keep your eye on
Next Insurance is a company that is meeting a lot of unmet needs for entrepreneurs and small to medium-sized businesses. It offers solutions that were previously not available to the general public. The company is riding on a new wave of technology that is streamlining the insurance industry and it is a disruptive new service that stands the status quo of slow-moving insurance companies on its head. We expect to see some major disruptions within this sector of the insurance industry because consumers, in this case, business owners, will naturally gravitate towards the best deals and the services that most closely meet their needs for the least amount of money. This is a global trend that has recently taken root in Germany and throughout Europe, and it is a sign that change is coming and the new insurtech companies offer a revolutionary new means of providing meaningful insurance solutions which could force the competition to get with the times or get out of the business. We're moving closer to an integrated technology system world-wide, and this is just one of the steps that are leading us all in that direction. Next Insurance is an agent of change.
Written by Allen Lee
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