Next Insurance expands into the field of insurance plans for garages

Next Insurance announces an expansion into the field of business insurance for car services and will offer insurance plans for garages, spare parts stores, tire shops, car washes and other businesses in the American car industry. Next will insure the business for fire damages, thefts, lawsuits, employee compensation, professional liability and other damages related to their operations.
According to Efi Fox-Leichtag, VP of Product at Next Insurance, setting up a car service center involves an investment of about $ 50,000, which usually comes from loans, due to the high equipment costs. Most professionals try to save and sometimes do so while giving up insurance and taking a lot of personal risk. Traditional insurance companies are moving away from the field, especially in young business insurance due to the high risk involved in their operations.
Hundreds of millions of dollars in damage are caused to this industry every year, most of which is not covered. Thanks to the efficient work on the digital platforms, we will be able to offer business owners wide coverage and payments that are 20% lower than what is accepted in the industry. They will be able to purchase all the insurance they need in one place, instead of running around among multiple insurance providers, and activating them immediately.
Next Insurance currently insures 300,000 small businesses across the United States that operate in 1,100 different areas. Each receives a number of insurance coverage according to the nature of its activity through advanced artificial intelligence technologies and machine learning to customize insurance plans to customer needs. A new mobile app that allows customers to manage their insurance coverage and payments, easily access insurance documents, share them and, if necessary, file claims.
The company was founded in 2016 by CEO Guy Goldstein, VP of Technology Alon Khoury and VP of Research and Development Nissim Tapiro and has raised $ 881 million since its inception at a value that reached over $ 4 billion in the last round. The company is headquartered in Palo Alto, California. The company employs about 1,000 people, 250 of them at the Israeli Development Center in Kfar Saba. Next tripled its volume in the past year and reached annual sales of $ 650 million, $ 1.8 million a day.