Next Insurance Reports Exponential Growth in First Half of 2018
The Silicon Valley startup that uses AI algorithms to offer customized coverage to small businesses forecasts annual run rate of $22 million, up from $3 million last year
Next Insurance Inc., a Silicon Valley startup that offers customized coverage to small businesses, has published an announcement about its financials for the first half of 2018 on Thursday. The company reported annual written premium run rate of $22 million, up from $3 million for the same period last year. The annual written premium run rate is the volume of written insurance premiums the company estimates it would sell for the year, based on monthly performance. According to Next Insurance, it is the primary measure of growth the company reports to its investors.
Next co-founders Alon Huri and Nissim Tapiro, right to left. Photo: Amit Sha'al
Next aims to provide coverage for entrepreneurs and small businesses that are underserved by the established insurance industry, using artificial intelligence and machine learning technologies to tailor insurance policies for customers. Next Insurance became a licensed insurance carrier in May and is currently licensed in the states of Delaware, Oklahoma, Arizona, North Carolina, Texas, New Mexico, Maryland, Utah, and the District of Columbia.
Last month, Next Insurance announced an $83 million Series B funding round, bringing its total equity raised to $131 million. California fund Redpoint Ventures led the round, joining existing investors Munich Re, Nationwide Insurance, American Express Ventures, Ribbit Capital, TLV Partners, SGVC and Zeev Ventures.