#Next Insurance#Swiss Re#Munich re#CapitalG

Next Insurance: insuring SMBs at a time of need

Recognising that SMBs (small-medium businesses) are the foundation of the US economy, Next Insurance is providing a much-needed insurance framework

|Sep 25|magazine5 min read

Recognising that SMBs (small-medium businesses) are the foundation of the US economy, Next Insurance is providing a much-needed insurance framework.

The company recently ranked ninth on our ‘Top 10 insurtech unicorns’ and has since gone on to raise an additional US$250m in its Series D funding round.

Led by CapitalG with backing from FinTLV and Munich Re, the round is an encouraging sign that investors see the profitability and benefit of helping the US’ SMB community at a time when COVID-19 is blighting commercial viability. 

Aiming to make insurance simple, affordable and flexible for its target market, Next Insurance estimates that policyholders could save up to 30% compared to traditional providers.

"We aspire to help businesses thrive by delivering phenomenal insurance products and experience," said Guy Goldstein, Co-Founder and CEO. 

"Insurance is a market primed for a new approach - one that believes it is a social good and cares for its customers. We believe we have the right team, the right approach and the right products to enable us to lead the shift in this industry, and we are excited to have CapitalG joining the ride."

Ushering in a new era

Next Insurance’s mission is characteristic of a trend within the industry that InsurTech Digital has been tracking throughout the COVID-19 pandemic.

Replacing old-fashioned, cost-inefficient and rigid processes with digitally-enhanced services that simultaneously improve communities is emblematic of this movement, which Swiss Re summarised thus:

"In times of crisis, households need risk protection. Insurance is a key tool to help households reduce their financial vulnerability in disruptive environments."

This vision is clearly shared by Next Insurance’s investors too; Sumi Das, Partner at CapitalG, commented, “We believe that there is an opportunity to use technology to transform the small business insurance experience in the US and build a national insurance leader. 

“Next Insurance has the right team and capabilities to capitalise on this vision and is well on its way to doing so. We are proud to partner with Guy Goldstein and the Next team to help them accelerate their vision."

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