2 Instech Startups Target Small Business Insurance Market

By Andrew G. Simpson | March 15, 2016
Small business insurance providers will soon have two new competitors from the technology world.
Next Insurance, an online shopper for small businesses, today announced a $13 million seed investment led by investors Zeev Ventures, TLV Partners and Ribbit Capital. Next Insurance plans to launch its first product in the spring.
A word from our sponsor:
Sponsored by: Smart Choice. Click here for more info.Need top-rated markets for your agency? Smart Choice can help! We offer access to quality markets with no start-up or monthly fees, discounted E&O, and the chance to earn bonus and contingency shares. Plus you'll retain 100% ownership of your book of business!
Click here to contact us today!
Last week, New York-based CoverWallet launched what it calls its online insurance manager, which it said received $2 million in seed funding from Two Sigma Ventures, Highland Capital Partners, Founder Collective and other angel investors. This startup promises to provide small business owners with a concierge-like service that helps them navigate the details of commercial insurance.
CoverWallet’s entrepreneur and co-founder, Inaki Berenguer,  said he sees an opportunity to leverage data, design and technology to deliver a better experience to what he estimates are the “more than 20 million underserved small businesses in the United States that struggle with managing their risk and insurance needs.”
CoverWallet aims to bring small business insurance customers the same consumer-friendly online technologies many of them already use to manage accounting, sales, payroll, banking and human resources. Its features include automatic risk analysis, document management, benchmarking and data analytics, intelligent data driven risk and insurance assessments, coverage recommendations, peer risk comparisons and claims support.