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Next Insurance H1 2018 Report Shows Exponential Growth Year-Over-Year

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Leading small business insurance carrier pushes biannual written premium run rate 8x higher than 12 months ago, while expanding digital and mobile insurance offerings to more classes of business

PALO ALTO, California, August 9, 2018 /PRNewswire/ --

Next Insurance, the leading digital insurance company for small businesses, today published its H1 2018 Report, detailing exponential growth in premiums sold, record-breaking venture capital investment, increased insurance offerings across multiple new lines of business, and more.

Next Insurance recently announced its Series B funding round of $83 million - bringing its total raised to transform the US small business insurance marketplace to $131 million in just two years.

Key Highlights from the Report: 

  • Annual Premium Run Rate Grows 8x: 
    • In June 2017, the Next Insurance annual written premium run rate was just under $3 million.
    • As of June 2018, the company's annual written premium run rate is over $22 million.
  • Record Time to Sell $1 Million in Premiums: 
    • While it took Next Insurance 400 days to sell their first million dollars in premiums, the number of days required to sell one million dollars in insurance premiums has dropped significantly. Most recently, the company sold one million dollars in written premiums in just 14 days.
  • Over 40 Classes of Business Served: 
    • One year ago, Next Insurance served 10 classes of business. By the end of 2017, that number was up to 18.
    • Today, Next Insurance offers tailored policies to over 40 different types of businesses, including contractors, cleaners, fitness professionals, beauty professionals, entertainers, and more.
  • Mobile & Digital Engagement Soars: 
    • 50% of customers bought their policies on mobile browsers from their cell phones in the last six months--and 53% in June.
    • 11% of Next Insurance's customers buy their policies on weekends.
    • 21% of customers buy policies during the night (9pm-9am EST).
    • 90%+ of customers buy their policies without ever speaking to Next Insurance's Customer Support team (or as we call them, "the A-Team").

In May 2018, Next Insurance became a licensed insurance carrier, enabling it to begin writing policies independently, with more freedom over underwriting, setting prices, and configuring policies. The company is currently licensed in eight states, including Delaware, Oklahoma, Arizona, North Carolina, Texas, New Mexico, Maryland, Utah, and the District of Columbia, and is rapidly expanding to become a carrier in all 50 states.

To view the full report, please click here.

About Next Insurance: 

Next Insurance is transforming small business insurance with simple, affordable coverage, tailored to the needs of each class of business. Next Insurance offers policies that are easy-to-buy with instant, 24/7, online access to services such as Live Certificates of Insurance, Additional Insured, and more with absolutely no extra fees. Revolutionizing traditional insurance processes, Next Insurance is utilizing advanced technology to offer the industry's most innovative small business insurance policies. Founded in 2016 by a team of serial entrepreneurs, the company is headquartered in Palo Alto and has received a total of $131 million in venture capital funding from Redpoint Ventures, Nationwide, Munich Re, Markel, American Express Ventures, Ribbit Capital, TLV Partners, SGVC, and Zeev Ventures. To see how Next Insurance performed in 2017, click here. To learn more about Next Insurance becoming a carrier, please click here. For more information about the company, visit Next-Insurance.com.

Contact Information:
Brandon Weinstock
Headline Media
brandon@headline.media
+1-914-336-3878

 

SOURCE Next Insurance