Digital Insurtech NEXT Insurance, Gusto to Enhance Embedded Payroll Experience

NEXT Insurance, a digital insurtech transforming small business insurance, recently announced its expanded partnership with Gusto Embedded.

The strengthened partnership “will exclusively offer NEXT’s pay-as-you-go workers’ compensation to the small business customers of Gusto Embedded partners through NEXT’s fully embedded insurance solution, NEXT Connect.”

Users can benefit “from NEXT’s technologically advanced, in-house pay-as-you-go offering for workers’ compensation which enables better cash flow management for small businesses and ensures they only pay for the coverage they need.”

This solution marks the first time workers’ compensation insurance is “being offered through an embedded payroll experience.”

Available now, small business owners “can get a free quote within minutes and sign up for a pay-as-you-go workers’ compensation policy to protect their businesses from unexpected expenses, all within the third-party SaaS platforms, taking advantage of this unique embedded fintech partnership.”

Eran Liron, Chief Strategy Officer at NEXT Insurance, said:

“NEXT and Gusto Embedded unite under the shared goal of supporting small businesses across the U.S. with the tools they need to simplify two of the most complex functions they’ll face at work: insurance and payroll. Offering this digital embedded payroll experience together with Gusto allows us to streamline this process, making it easier and more convenient for small business owners to stay compliant and protect themselves, all from the partners they trust most.”

With NEXT Connect, signing up “for workers’ compensation can be seamlessly integrated into a third-party software at the time of payroll onboarding or elsewhere in the user interface.”

This enables more contextual offers “for payroll and workers’ compensation based on customer data or activity, including in-app notifications about the next steps that should be taken once you’ve hired your first employee.”

NEXT and Gusto Embedded’s partnership “enables a more convenient way for small businesses to stay compliant and protect themselves.”

Yi Liu, General Manager of Gusto Embedded, said:

“Allowing small businesses to access reliable payroll and pay-as-you-go workers’ comp products embedded in the software solutions they use already saves them time, reduces errors, and gives them peace of mind. The expanded solution with NEXT allows our partners to offer small businesses workers’ compensation seamlessly and quickly, while also advancing our goal of helping businesses create great places to work and helping our partners grow revenue.”

NEXT Connect enables small business partners in industries “including payroll, POS (point of sale), accounting, e-commerce, banking and others to purchase fast and affordable insurance coverage in a way that is convenient for them, either entirely online or with the assistance of a licensed insurance agent.”

As noted in the update, NEXT Insurance is “transforming small business insurance with simple, digital and affordable coverage tailored to the self-employed.”

“Trusted” by over 450 thousand business owners, NEXT offers policies that are easy to buy and provides 24/7 access to Live Certificates of Insurance,

Additional Insured, and more, with no extra fees. Revolutionizing a historically complicated insurance industry, NEXT utilizes AI and machine learning “to simplify the purchasing process and provide more affordable coverage.”

Founded in 2016, the company is “headquartered in Palo Alto, has received a total of $881 million in venture capital funding.”

As mentioned in the announcement, Gusto is “a modern, online people platform that provides more than 300,000 SMBs with the tools and services they need to hire, pay, insure, and support their teams.”

Gusto Embedded, “a developer platform and support infrastructure, enables software platforms to offer in-app, modern payroll products to their customers as well.”

With Gusto Embedded, SaaS developers can “leverage Gusto’s 10+ years of experience as well as Gusto’s tax filing, payments, and compliance infrastructure in order to build deeply integrated, tailored payroll products that improve the user experience and drive revenue.”

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