NEXT Insurance, the digital Insurtech firm transforming small business insurance, has announced the availability of NEXT Connect, a trusted embedded insurance solution for small business software ecosystems in the US.
As mentioned in a release shared with Crowdfund Insider, NEXT Connect enables small businesses to “purchase fast and affordable coverage in a way that is convenient for them, either completely online or with the assistance of a licensed insurance agent.”
In addition, it offers an opportunity for “trusted” small business partners. Small business ecosystems in industries such as payroll, POS, accounting, digital commerce, banking and others can now “easily embed NEXT’s insurance offerings into their existing platforms.”
By leveraging several different insurance carriers, including NEXT, partners are able to “address the full coverage needs of virtually any type of small business anywhere in the U.S.”
NEXT Connect is “a result of NEXT’s earlier acquisition of AP Intego in March of this year,” the announcement noted while adding that it “combines AP Intego’s partner-based, multi-carrier model with NEXT’s unmatched strengths in customer experience, customer care and technology.”
NEXT Connect “strengthens NEXT as a business and furthers the company mission to better serve even more small businesses and potential partners,” the update noted.
Steve Hauck, VP, Partnerships at NEXT, stated:
“NEXT Connect creates an unmatched opportunity for our small business ecosystem partners to embed insurance offerings directly into their platforms. We are entering an age where our customers want and deserve the opportunity to purchase the best insurance policies for their business, from a trusted source, and with this new NEXT Connect offering, we’re able to provide that solution.”
NEXT Insurance aims to transform small business insurance by leveraging the latest technology, including artificial intelligence and machine learning, in order to provide an intuitive and affordable purchasing experience. NEXT Connect “continues NEXT’s core mission to help small businesses thrive by simplifying access to insurance and meeting customers where they are,” the update noted.
“Trusted” by 300k business owners, NEXT “offers policies that are easy to buy in 10 minutes or less and provides 24/7 access to Live Certificates of Insurance, Additional Insured, and more, with no extra fees.”
NEXT utilizes AI and machine learning to “simplify the purchasing process and drive down costs by up to 30% compared to traditional policies.”
Established in 2016, the firm maintains head offices in Palo Alto, and has received a total of $881 million in VC funding, to date.