NEXT Insurance, a digital insurtech specialising in small businesses, has announced it has entered into strategic partnerships with US primary insurer Allstate, and Allianz X, an investor in digital frontrunners in ecosystems relevant to insurance and asset management.
Partnership fuels a new $265 million equity raise from Allstate and Allianz X to accelerate the company’s path to profitability and continue expanding distribution.
Through this partnership, NEXT Insurance will provide its products to Allstate customers, expanding its footprint to even more small businesses nationwide.
As the needs of small business owners shift towards a more digitally-native insurance experience, the insurtech aims to use its digital-first, data-driven approach to modernise insurance and address the specific needs of small business owners that had previously been unmet.
“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,” said Guy Goldstein, CEO and co-founder of NEXT Insurance.
He continued: “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.”
As part of the partnership, NEXT and Allstate will also co-develop innovative and unique commercial auto products to target a market of 33 million small businesses.
Mario Rizzo, President of Property-Liability at Allstate Insurance, commented: “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.
“Together, we will meet the full insurance needs of small businesses, delivered on the platform of the future.”
Dr. Nazim Cetin, CEO of Allianz X, added: “Small businesses are fundamental to every economy. 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.”
