NEXT Insurance, a “leading technology-first small business insurer”, has unveiled its strategic alliance with Allstate.
This collaboration marries the companies’ prowess in small business insurance to devise and introduce innovative products for a largely untapped market. Further solidifying the bond, there’s a pledge to strengthen its reinsurance affiliation with Allianz. The collaboration is bolstered by a whopping $265m strategic injection from Allstate and Allianz X.
Emerging from a digital and data-centric approach designed to overhaul insurance, NEXT’s very foundation aims to cater to the unique demands of small business proprietors which had been overlooked in the past.
Their integration of state-of-the-art technologies, such as bespoke machine learning algorithms for instant quotes, has streamlined the buying and maintenance processes, offering simpler, more cost-effective, and customised insurance coverage. With the tilt of small business proprietors towards a digital insurance experience, it’s evident that tech-driven insurers are now the benchmark.
The newly-acquired funds will be channelled to hasten NEXT’s journey to profitability while further expanding its distribution reach.
“We founded NEXT because we saw an opportunity to help millions of small and microbusinesses across the U.S. and made it our mission to help entrepreneurs thrive,” Guy Goldstein, CEO and co-founder of NEXT Insurance, stated. “Building on our existing support, we are excited to welcome Allianz X and Allstate as investors, deepen our reinsurance relationship with Allianz Re, and foster a meaningful partnership with Allstate to offer millions of their customers our one-stop-shop small business insurance offering.”
NEXT is ardently dedicated to serving over 33 million small businesses in the US, a pivotal segment of the nation’s economy. At present, more than half a million small US businesses trust NEXT for its intuitive online platform, time-efficient resources, and crucial insurance coverage, encompassing general liability, commercial property, workers’ compensation, and beyond.
“Combining Allstate’s operational expertise, broad distribution network and strong brand awareness with NEXT’s capabilities will help NEXT’s unique platform bring new, innovative products to existing Allstate customers and the millions of underserved small businesses that want affordable, simple and connected protection,” Mario Rizzo, President of Property-Liability at Allstate Insurance, said.
“Small businesses are fundamental to every economy,” expressed Dr. Nazim Cetin, CEO of Allianz X. “NEXT Insurance understands the needs of this group deeply, and it has developed cutting-edge technology to address their common pain points. With Allianz’ deep expertise in this sector and NEXT’s technology, we can further our joint goal of giving customers the courage and security to take on the future with confidence.”
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