Insurtech: NEXT Insurance, Allstate, Allianz X Partnership Supported by $265M Investment

NEXT Insurance, a technology-first small business insurer, announced its strategic partnership with Allstate that will combine the companies’ expertise in small business insurance to develop and “offer innovative and unique new products to a large underserved market, as well as a commitment to deepening its reinsurance relationship with Allianz.”

The partnerships come with “a $265 million strategic investment from Allstate and Allianz X.”

Born from a digital-first, data-driven approach to modernize insurance, NEXT’s foundation was built to “address the specific needs of small business owners that had previously been unmet.”

Its use of technologies, “like proprietary machine learning algorithms that make getting a quote just a few clicks away, has simplified the purchasing and servicing processes and provide easier, more affordable and tailored coverage.”

As the needs of small business owners shift towards a more digitally-native insurance experience, it’s clear “that technology-led insurers have set a new standard.”

Guy Goldstein, CEO and co-founder of NEXT Insurance, said:

“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. 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 has committed to “serving the more than 33 million small businesses in America, one of the largest — and most important — segments in the U.S. economy.”

Today over a half a million small businesses “across the U.S. rely on NEXT for its easy-to-use online platform, time-saving resources, and essential coverage, including general liability, commercial property, workers’ compensation, and more.”

Mario Rizzo, President of Property-Liability at Allstate Insurance, said:

“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.”

Ardea Partners LP served as financial advisor to NEXT Insurance.

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