About Next Insurance
Next Insurance was founded in 2016 by Guy Goldstein, Alon Huri, and Nissim Tapiro, based on the observation that small businesses and self-employed professionals, such as independent contractors, personal trainers, and small retail shop owners, have historically faced a business insurance purchasing process poorly suited to their needs, typically requiring interaction with a traditional insurance agent and a lengthy, paperwork-intensive underwriting process better suited to larger, more complex commercial insurance needs than the relatively standardized coverage most small, simple businesses actually require, such as general liability or professional liability insurance.
Next Insurance's platform lets small business owners and self-employed professionals get a business insurance quote and purchase a policy entirely online within minutes, using industry-specific underwriting templates tailored to dozens of common small business types, such as photographers, personal trainers, cleaning services, and contractors, each with pre-configured coverage options and underwriting questions relevant to that specific profession's typical risk profile, letting the company streamline underwriting for these relatively standardized small business insurance needs far more than a traditional insurance agent working through generic commercial insurance forms not tailored to any specific small business type. The company operates as a technology-driven insurance provider working with reinsurance and underwriting partners to actually back the insurance risk, while focusing its own technology and product development on the customer-facing purchasing experience and industry-specific underwriting logic for its target small business and self-employed customer segments. Next Insurance has positioned itself as addressing an underserved segment of the commercial insurance market, since small businesses and independent contractors often generate too little premium revenue individually to be attractive customers for traditional insurance agents focused on larger commercial accounts, leaving many small businesses either underinsured or paying more than necessary for coverage poorly tailored to their specific business type. The company has raised very substantial venture funding from investors including Munich Re, Nationwide, and Redpoint Ventures, reaching a valuation exceeding $4 billion, competing with other small business insurance providers including Hiscox and Thimble.
