The funding comes as part of a strategic partnership with Allstate, aiming to leverage their combined expertise in small business insurance to introduce innovative products to an underserved market. Additionally, Next Insurance is set to deepen its reinsurance collaboration with Allianz, further solidifying its position in the industry.
As a result of the collaboration, Next Insurance will extend its product offerings to Allstate’s customer base, fostering a mutually beneficial relationship. The partnership will also involve joint efforts to co-develop commercial auto insurance products, addressing specific needs in the market.
Allstate and Allianz X’s $265 million investment underscores the confidence in Next Insurance’s potential and the shared vision for the future of small business insurance. This latest funding round brings Next Insurance’s total funding to an impressive $1.1 billion.
Guy Goldstein, CEO and co-founder of Next Insurance, said of the funding event: “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.”
Mario Rizzo, president of Property-Liability at Allstate Insurance, also commented, saying: “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.”
Dr. Nazim Cetin, CEO of Allianz X, added: “Small businesses are fundamental to every economy. Next Insurance 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.”
Author: Joanna England
