Next Insurance: insuring SMBs at a time of need
Led by with backing from and , 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.
"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."
Akur8’s US$30mn Series B to fuel US and APAC expansion
Still a relatively new company in the sector, Akur8’s progress since it was founded in 2018 has been characterised by cutting-edge tech, strategic growth, and a highly personable approach that clearly demonstrates the youthful innovation of insurtech itself.
The company strives to embody four key values:
- Challenging a status quo that doesn’t benefit customers
- “Disrupt the known, organise the unknown”
- Provide artificial intelligence (AI) tech with a distinctly human edge
- Create solutions that will endure the test of time
At the heart of Akur8’s business is its Transparent AI solution. Capable of empowering actuaries and pricing teams through better, faster decision making, the insurtech touts it as “the only solution that automates rate modeling while keeping full transparency and control.”
Transforming insurance pricing
In just two years, Akur8 has acquired over 30 customers in 10 countries - including high-profile insurers like Munich Re, Tokio Marine Kiln, AXA, and Generali - and established additional offices in London and New York. Now, the company is keen to develop its business in the US’ verdant insurance market and build its presence in APAC.
“The BlackFin team is thrilled to see Akur8 continue to spread its wings and deploy its next generation pricing platform across insurance carriers worldwide,” said Julien Creuzé, Partner. “We have built a great relationship with the Akur8 management team and it’s a pleasure to welcome new investors and continue this journey with them.”
Guillaume Beraud-Sudreau, Co-Founder and Chief Actuary at Akur8, added, “We are humbled by the trust that our clients and investors have placed in Akur8. Building the future of insurance pricing powered by Transparent AI has been our goal since the first day of R&D. Now this vision has become reality and we can’t wait to accelerate our growth to become the global reference in insurance pricing.”
Cover image source: Akur8