Juniper Labs leverages open data and machine learning to help insurtechs, carriers, and brokers more effectively sell and underwrite small business insurance. The acquisition comes months after Next Insurance a $250 million funding round, giving it a $2 billion valuation. The insurtech covers small businesses for general and professional liability, commercial auto, and workers' compensation.
. Juniper Labs provides risk transparency with its services that aim to streamline data collection and automate underwriting for clients. It also uses natural language processing to blend fragmented data sources and unstructured content, resulting in more structured data insights. Together, the two entities will develop enhanced machine learning capabilities and tools to strengthen the omnichannel customer experience. The acquisition will particularly help strengthen and scale Next Insurance's workers' compensation offering, which has seen a near 14-times increase in year-over-year growth since November 2019.
Insuring small businesses can be challenging due to the nature of their operations, but with the help of enhanced data capabilities, Next Insurance can further expand its product suite. Accurately identifying small businesses' risks can be hard for insurers due to the