Next Insurance to Buy AP Intego for $500 Million
Next only recently raised $250 million.
Next Insurance CEO Guy Goldstein
Israeli insurance company Next Insurance is buying out a smaller American company called AP Intego. The purchase price is reported to be $500 million.
The move comes just six months after Next Insurance raised an additional $250 million in capital in a Series D round of funding led by Google sister firm the investment fund CapitalG.
Guy Goldstein, one of the people who co-founded Next Insurance Inc. boasted in a blog post at the time that they are, “constantly thinking of ways we can better serve our small business customers, improve our products, solve new pain points and deliver a phenomenal customer experience.”
Founded in 2016, Next Insurance says that it was created to give your business the coverage it deserves. Simple, affordable and tailored. “No no matter what you do, no matter how you define success, we’re right there, next to you. 100% dedicated to the self-employed, 100% how insurance should be.”
AP Intego is also an insurance company. It was founded in 2016. The company boasts that it is the leading digital insurance agency for small businesses and one of the fastest-growing insurtech companies.
In a blogpost Next Insurance CEO Guy Goldstein said, “Together, we will simplify how small businesses shop for and purchase insurance. Consumers have become accustomed to purchasing financial services through trusted partners within the software systems they use to run their businesses. Meeting customers where they work, with tried and true partners, is an enormous opportunity for insurtechs as they look to instill trust as they grow their customer base.”
Goldstein sung the praises of AP Intego saying that the company has proven its value to the market by way of deep relationships with some of the largest small business software ecosystems in the U.S. He also spoke in the blogpost about how the smaller company has experience with workers’ compensation pay-as-you-go infrastructure which will be combined with Next’s approach to digital customized coverage. This, said Goldstein, will provide more customers, “across new classes of business, access to digital insurance products at the point-of-sale, including through payroll providers.”
“This is a powerful combination and we are excited to become part of the Next Insurance team—a perfect match that accelerates our market leading embedded insurance offering through small business software providers,” said Steven Hauck, Co-Managing Director at AP Intego.
“Adding Next Insurance to our platform enhances the overall value proposition we are delivering our partners and their customers and allows us to truly innovate within small business insurance. In order to keep up with our partners’ insatiable appetite for a superb customer experience, Next Insurance provides us digital product flexibility for the benefit of both our partners and their customers. We’re thrilled about this new chapter in our history.”
Read more about: AP Intego, Next Insurance
