InsurTech unicorn Next Insurance has acquired alternative open data and underwriting technology developer Juniper Labs.
Together, the companies will continue to build enhanced machine learning capabilities and tools to strengthen the omni-channel customer experience.
Juniper Labs offers improved risk transparency by using open data and machine learning to offer streamlined data collection and automated underwriting. Through natural language processing, the platform uses an array of data sources to improve predictive models to improve risk assessment and customer experience.
As part of the deal, Juniper Labs co-founder and CEO Lance Poole and his team will join Next Insurance’s machine learning and data analytics group to help launch Next Insurance Data Labs.
The new lab aims to combine human-centric design, actuarial science and machine learning to drive growth and risk-based pricing.
Furthermore, the Juniper team will strengthen Next Insurance’s workers’ compensation offering, which has witnessed nearly 14-times growth year-over-year.
Next Insurance COO Sofya Pogreb said, “The insurance sector is primed for innovation and our growth this year not only speaks to the industry’s potential, but the benefits that can result from leveraging the right technologies and focusing on customer experiences.
“This strategic acquisition of Juniper Labs’ technology and expertise in workers’ compensation will deepen our investments in relevant technologies such as machine learning, which will help scale pricing and decision making. We look forward to bringing on the Juniper Labs team to further our goal of being the one-stop-shop for small business insurance.”
This acquisition comes shortly after Next Insurance closed a $250m Series D round, which valued the business at $2bn.
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