Insurtech firm Next Insurance has wrapped up the takeover of Juniper Labs, marking its first acquisition.
The acquired business, which offers alternative open data and underwriting technology for small businesses, will now work alongside Next Insurance to develop machine-learning capabilities and tools.
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Financial terms of the deal were not divulged.
The deal comes shortly after Next Insurance’s $250m Series D fundraising, which offered it a $2bn valuation.
Juniper Labs co-founder and CEO Lance Poole said: “Next Insurance and Juniper Labs believe that data is a key differentiator in the effort to provide a better online experience at a more affordable price.
“We’re excited to join this like-minded company and contribute to its continued success.”
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By GlobalDataJuniper Labs uses open data and machine learning for streamlined data collection and automated underwriting.
It combines fragmented data sources and unstructured content through natural language processing to offer structured insights.
As part of the deal, Juniper Labs co-founder and CEO Lance Poole, and his team, will become part of Next Insurance’s machine learning and data analytics group.
The team will support the launch of the Next Insurance Data Labs, which aims to integrate human-centric design, actuarial science, and machine learning to offer scalable solutions facilitating growth and risk-based pricing.
The team will also particularly help scale Next Insurance’s workers’ compensation proposition among other businesses which include general liability, professional liability, and commercial auto.
Next Insurance COO Sofya Pogreb said: “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.”
