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§ Private Profile · Waltham, MA, USA
National insurance brokerage specializing in pay-as-you-go workers' compensation and business insurance for small businesses.
AP Intego Insurance Group, LLC has raised $544.0M across 3 funding rounds.
Key people at AP Intego Insurance Group, LLC.
AP Intego Insurance Group, LLC has raised $544.0M in total across 3 funding rounds.
AP Intego Insurance Group, LLC is a digital insurance brokerage based in Waltham, Massachusetts, United States, that provides property and casualty coverage, including pay-as-you-go workers' compensation, to small and medium-sized businesses. The firm distributes its commercial policies through embedded software integrations with major payroll, human resources, and payment platforms such as Intuit, Gusto, Square, and Toast. Prior to its acquisition, the agency scaled its operations to support approximately 160 employees, generated $149.5 million in revenue, and managed more than $185 million in active premiums across 87,671 insurance policies. The brokerage served over 75,000 active small business customers and captured nearly a quarter of the online payroll provider market for workers' compensation before it was acquired by Next Insurance in March 2021. The organization was founded in 2003 by Steve Hauck and Eric Harnden.
AP Intego Insurance Group, LLC has raised $544.0M in total across 3 funding rounds.
AP Intego Insurance Group, LLC's investors include Mario Rizzo, Munich Re Ventures, Markel, Nationwide.
Key people at AP Intego Insurance Group, LLC.
AP Intego Insurance Group, LLC has raised $544.0M across 3 funding rounds. Most recently, it raised $265.0M Next Insurance - Other Equity in November 2023.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Nov 1, 2023 | $265M Venture Round | — | Mario Rizzo | Announced |
| Apr 1, 2021 | $250M Series D | — | — | Announced |
| May 4, 2017 | $29M Series A | Munich RE Ventures | Markel, Nationwide | Announced |
AP Intego Insurance Group, LLC is a national insurance brokerage specializing in tailored property and casualty insurance for small and medium-sized businesses, including pay-as-you-go workers' compensation, commercial insurance, business owners' policies, general liability, and cyber liability.[1][2][3] Founded in 2003 and headquartered in Waltham, Massachusetts, the company generated approximately $149.5 million in revenue with around 160 employees before its acquisition by Next Insurance in March 2021, after which its website redirected to NextInsurance.com and operations integrated into the acquirer's platform.[1][2][3][4][5] AP Intego serves over 75,000 active customers through partnerships with tech, payroll, and affinity partners, placing over $200 million in premiums annually with A-rated carriers across all 50 states, emphasizing flexible billing, self-service dashboards, and competitive pricing.[5]
AP Intego was founded in 2003 in Waltham, Massachusetts, as a digital insurance agency targeting small businesses underserved by traditional brokers.[1][2][3] It quickly evolved into one of the nation's fastest-growing insurtech companies by developing a platform for pay-as-you-go insurance products, addressing cash flow challenges for SMBs through affinity partnerships with tech and payroll providers.[5] A pivotal moment came in March 2021 when Next Insurance, a Palo Alto-based insurtech using AI and machine learning, acquired AP Intego to combine its brokerage expertise with digital underwriting, expanding Next's team to nearly 600 and retaining AP Intego's carrier partnerships and customer focus.[3][5] Key figures included Managing Director Steve Hauck, with the company scaling to 160 employees across Massachusetts, New York, and other U.S. locations.[4][5]
AP Intego rode the insurtech wave transforming a fragmented, paper-heavy industry for small businesses, where traditional policies often mismatched risk and affordability.[5] Its timing aligned with SMB digitization post-2000s, fueled by payroll software integrations and demand for flexible, data-driven insurance amid rising cyber threats and gig economy growth.[1][3][5] Market forces like AI underwriting (amplified by Next Insurance acquisition) and regulatory pushes for accessible coverage favored its model, competing with players like Embroker, Pie Insurance, and Insureon.[3] By partnering with tech platforms, AP Intego influenced the ecosystem, enabling seamless insurance embedding in SMB tools and paving the way for integrated "insurance-as-a-service" in fintech stacks.[5]
Post-2021 acquisition, AP Intego's operations are fully integrated into Next Insurance, leveraging AI for streamlined quoting and claims to capture more SMB market share amid embedded insurance trends.[3][5] Rising cyber risks, remote work, and economic volatility will drive demand for its pay-as-you-go and liability products, with expansions into new lines via Next's $631M funding.[5] Its influence may evolve through scaled partnerships, potentially shaping insurtech consolidation as digital brokers dominate legacy players—positioning it as a key enabler in the SMB protection ecosystem, much like its founding role in pay-as-you-go innovation.[5]