NEXT Insurance said Allstate and Allianz X have invested $265 million in the digital small business insurer.
NEXT and Allstate will partner on bringing new commercial products to what they call an underserved target market of 33 million small businesses. NEXT also entered into a deeper, multi-year deal with Allianz Re.
“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,” said Guy Goldstein, CEO and co-founder of NEXT Insurance.
Palo Alto, California-based NEXT said it will provide its products to Allstate customers, “expanding its footprint to even more small businesses nationwide.”
Insurtech NEXT said it just eclipsed 500,000 U.S. small businesses customers that use its proprietary machine learning algorithms to get quotes and coverage, including general liability, commercial property, workers’ compensation, and more.
“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,” said Mario Rizzo, president of property-liability at Allstate Insurance.
Over the last year NEXT has announced several strategic partnerships with LegalZoom and Bold Penguin.
“Small businesses are fundamental to every economy,” said Nazim Cetin, CEO of Allianz X, the digital investment arm of global insurer and asset manager Allianz Group. “NEXT 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.”
Allianz X led two of the largest U.S. insurtech rounds last year—Pie Insurance ($315 million) and Coalition ($250 million).
Topics Allianz
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