Through an innovative, digital first approach, NEXT has been empowering small businesses across the U.S. to thrive since 2016
PALO ALTO, Calif., October 30, 2023 — Today, NEXT Insurance, a leading digital small business insurer, achieved a marked milestone in reaching 500,000 active small business customers. Throughout NEXT’s journey as a digital insurer, its commitment to the small business community has remained paramount, driving all aspects of its continued product innovations, partnerships, and integrations.
“I’m incredibly proud of the work the NEXT team has done to stay true to our vision and inspire a culture of continued innovation,” said Guy Goldstein, CEO and founder of NEXT Insurance. “Insurance shouldn’t slow business owners down or cause undue stress. That’s why we’re constantly leveraging technologies to allow our customers to easily self service and enjoy a simple, intuitive insurance purchasing and servicing processes. We couldn’t have gotten to where we are now without the resilient and essential small business community that keeps our economy running, and we share this moment of celebration, reflection, and appreciation with them.”
Today, NEXT serves over 1,300 professions and has seen significant expansion in the past year across several distinct small business markets. The company has seen 78% YoY growth in financial services, 91% YoY growth in insurance professionals, and most notably, an increase of 102% YoY growth in food & beverage customers. NEXT credits this customer milestone to its digital-first approach to modernizing insurance and singular mission of providing simple, affordable and tailored insurance coverage. NEXT strives to meet customers where they are, offering a comprehensive array of coverage options to fit any small business, and providing several channels to obtain insurance policies: online through self-service, through an agent, or through NEXT’s embedded insurance offering - NEXT Connect.
One of NEXT’s customers, EKO Kitchen, represents the positive impact that digital insurance solutions can have on a small business owner’s journey. Simileoluwa “Simi” Adebajo built Eko Kitchen with her love of food from her home country of Nigeria and needed to quickly find an insurer that matched the needs of her business.
On her experience with NEXT, Adebajo shares:
“After various frustrations and obstacles with other insurers, switching to NEXT was truly a breath of fresh air. Many of my corporate catering clients require proof of insurance before I can secure a job, but with NEXT, I can get a certificate of insurance (COI) in minutes. I always thought insurance had to be a lengthy and difficult process, but my experience with NEXT has been completely different. As a small business owner, I would rather focus on my own business than have to deal with a complicated insurance process, and NEXT makes that possible.”
A key driver for NEXT’s continued success has been the employees who embody the company’s culture of putting small businesses first. Annie Ryan, Chief of Staff, Agent Business, has been with NEXT for over six years, and has seen the evolution of the company and its customer-base firsthand. On her tenure and experience with the digital insurer, Ryan shares:
“Since the very beginning, even before securing our first customers, NEXT has had an unwavering dedication to delivering a phenomenal insurance experience for small business owners. Our steadfast vision of helping entrepreneurs thrive has remained the underpinning of our entire approach, and the progress we have made so far reaffirms the significance of our connection with our customers and agents. I feel such pride to be a part of a team that tirelessly innovates and serves our customers and agents to the best of our abilities every single day."
This milestone comes on the heels of significant business momentum for NEXT. The digital insurer has announced several strategic partnerships with key partners including LegalZoom and Bold Penguin, and unveiled numerous product updates and expansions including the launch of commercial umbrella/excess liability coverage, as well as the Certificate of Insurance (COI) Analyzer, a machine learning powered tool that allows for free, custom-made COIs to show valid insurance coverage to potential employers in under a minute. By providing customers with simple and efficient digital insurance solutions, NEXT is poised to continue its culture of growth alongside the small business community it supports daily.
Watch NEXT’s half-million customer milestone video here.
About NEXT Insurance
NEXT Insurance is transforming small business insurance with simple, digital, affordable and tailored coverage. Trusted by over 500,000 business owners, NEXT offers policies that are easy to buy and provides 24/7 access to Live Certificates of Insurance, additional insured, and more. Revolutionizing a historically complicated insurance industry, NEXT utilizes AI and machine learning to simplify the purchasing process and provide more affordable coverage. Founded in 2016, the company is headquartered in Palo Alto, has received a total of $881 million in venture capital funding, is rated "A- Excellent" by AM Best and has been recognized by CNBC Disruptor 50, Forbes Fintech 50, Inc.'s Best-Led Companies, and Forbes Best StartUp Employers. For more information, visit NEXTInsurance.com. Stay up to date on the latest with NEXT on Twitter, LinkedIn, Facebook and our blog.
NEXT Insurance, Director of Corporate Communications