It aims to develop new propositions for an underserved market
By Kenneth Araullo
Nov 03, 2023 Share
NEXT Insurance has announced a strategic collaboration with Allstate, aiming to merge their expertise in small business insurance.
The venture is aimed at developing and introducing innovative and exclusive new products tailored for an underserved market. The collaboration is bolstered by an investment of $265 million from Allstate and Allianz X, reflecting a commitment to strengthening NEXT’s reinsurance relationship with Allianz.
NEXT Insurance is dedicated to serving the more than 33 million small businesses in America. Presently, over half a million small businesses nationwide rely on NEXT for its online platform, time-saving resources, and essential coverage, including general liability, commercial property, workers’ compensation, and more.
“We founded NEXT because we saw an opportunity to help millions of small and microbusinesses across the US 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,” said NEXT co-founder and CEO Guy Goldstein.
“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,” Allstate property-liability president Mario Rizzo said.
Earlier this year, the insurtech also announced the appointment of Jack Ramsey to lead its agent channel as vice president of agents.
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