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Newfront

Digital insurance brokerage

501-1000 employees
  • B2B
  • Artificial Intelligence
  • Insurance
  • Big data
55 2nd St, FLR 18, San Francisco, CA 94110

Company mission

Their mission is to bring insurance into the 21st century, innovating and transforming the industry on behalf of its customers.

Top investors

Some candidates hear
back within 2 weeks

1% employee growth in 12 months

Otta's take

Xav Kearney headshot

Xav Kearney

CTO of Otta

Newfront Insurance is an insurance broker offering tech-driven risk management and insurance cover for businesses. It claims to provide fairer premiums using rich datasets to assess risk rather than the more traditional method of risk categories. The insurance industry has been slow to embrace digital innovation, but Newfront is a new insurtech firms aiming to transform the industry.

Spike Lipkin, CEO, was part of the original team at Opendoor and helped guide the start-up to a $3 billion valuation. At Opendoor, Lipkin experienced firsthand the difficulty of securing business insurance and recognized that the industry would greatly benefit from the use of AI. Newfront's ethos is customer-focused, and it aims to provide a fairer, more accessible experience for businesses.

Newfront merged with ABD Insurance, a B2B insurance provider focusing on employee benefits and financial services programs. Together, they are working to write $2 billion in premiums annually and occupy a more significant slice of the business insurance market. Funding is being invested into both US expansion and building the modern platform for clients, insurance professionals, and trading partners.

Benefits

  • Insurance, Health & Wellness
  • Health Insurance
  • Financial & Retirement
  • 401K Plan
  • Family & Parenting
  • Work From Home
  • Vacation & Paid Time Off
  • Gym Membership
  • Commuter Checks & Assistance

Company values

  • Focus on People - We believe in a future where a diverse and talented group of humans plus technology delivers a superior client experience. We are building technology that empowers, not replaces people. Developing and investing in colleagues makes Newfront a place where people can do the best work of their careers
  • Blaze a Trail - The industry has been stuck in its ways of servicing clients and colleagues for many years, but nothing great was ever built by saying "this is the way it's always been done". Instead, we are building world-class experiences using first principles. By setting aside pre-conceived notions of what works, we can innovate on behalf of our clients
  • Act Like Owners - We're building a culture of owners who take responsibility to deliver for our clients. We take pride in building a forever business together. We aren't satisfied with "good enough" and seek excellence in everything we do. Clients demand it
  • Deliver Results - Insurance touches every part of modern life and clients depend on our results. We push ourselves to measure the client impact of everything we do and set ambitious goals for improvement

Funding (last 2 of 4 rounds)

Apr 2022

$200m

LATE VC

Oct 2020

$100m

SERIES C

$330.2m

Total funding

This company has top investors

Founders

After an MBA at Stanford, Spike spent a year as a Senior Consultant before 2 years at The Blackstone Group as an Investor. They left their role of 2 years at Opendoor.com in 2016 to co-found Newfront in 2017.

Software Engineer at Cardspring, Engineering Manager at LinkedIn for 3 years.

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