Next Insurance partners with Amazon Business to expand its user base
“We believe the future of the insurance buying experience involves meeting customers where they already are,” says CEO Guy Goldstein
The partnership will allow Business Prime members to obtain a quote from Next Insurance to purchase general liability, professional liability, workers' compensation, commercial auto, and tools, and equipment insurance coverage.
Next Insurance was founded in 2016 by Israeli entrepreneurs Guy Goldstein, Nissim Tapiro, and Alon Huri. Goldstein was among the co-founders of fintech startup Check Inc., which was acquired by software giant Intuit Inc. in 2014 for $360 million. The company currently has more than 200,000 customers in all 50 U.S. states, after its recent acquisition of AP Intego.
"We believe the future of the insurance buying experience involves meeting customers where they already are and making it easy to purchase customized and affordable policies," said Goldstein. "We are proud to continue to be chosen by top companies, like Amazon, who understand the best way to serve small businesses is through digital solutions. With Amazon Business Prime, we are taking a large step toward providing greater access to seamless insurance coverage."
"We know that small business owners are looking for innovative and cost-effective ways to streamline their businesses and save time, and that's what this partnership with Next Insurance helps achieve," said Todd Heimes, Director of Amazon Business Prime. "We believe Next Insurance offering products to Business Prime is another example of how this program provides value and benefits to members."
Next Insurance is one of the fastest-growing Israel tech companies and appears to be on something of a shopping spree in recent months. Just three months after acquiring Juniper Labs, the Israeli unicorn announced two weeks ago that it has signed a definitive agreement to acquire U.S.-based digital insurance agency AP Intego. This is a more significant deal than the Juniper one as the acquired company boasts earnings of $200 million, on an equal footing to those of Next Insurance itself, meaning that following the merger, the Israeli startup will reach annual revenues of $400 million.
In order to finance the deal, which is estimated to reach $500 million, Next Insurance is in the process of raising $250 million as reported by Calcalist last month. The company raised a similar amount just five months ago. According to market estimates, the new funding round is being conducted at an enterprise value of $4 billion, double its valuation last September.
The company’s headcount is set to increase to more than 550 employees after AP Intego’s 160 team members are brought in. Next Insurance’s development center is in the central Israeli city of Kfar Saba, with the company’s headquarters located in Palo Alto.