- NEXT will provide its products to Allstate customers,
expanding its footprint to even more small businesses
nationwide
- NEXT and Allstate will co-develop innovative and unique
commercial auto products to target market of 33 million small
businesses
- Deal with Allianz Re bolsters
its reinsurance relationship with a multi-year commitment
- Partnership fuels a new $265
million equity raise from Allstate and Allianz X to
accelerate the company's path to profitability and continue
expanding distribution
PALO
ALTO, Calif., Nov. 1, 2023
/PRNewswire/ -- NEXT Insurance, a leading technology-first small
business insurer, today 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 cutting-edge 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.
"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," said Guy Goldstein, CEO and co-founder of NEXT
Insurance. "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.
"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. "Together, we will meet
the full insurance needs of small businesses, delivered on the
platform of the future."
"Small businesses are fundamental to every economy," said Dr.
Nazim Cetin, CEO of Allianz X. "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."
Ardea Partners LP served as financial advisor to NEXT
Insurance.
To learn more about NEXT Insurance, visit our website.
About NEXT Insurance
NEXT Insurance is
transforming small business insurance with simple, digital and
affordable coverage tailored to the self-employed. Trusted by over
500,000 business owners, NEXT offers policies that are easy to buy
and provides 24/7 access to Live Certificates of
Insurance, additional insured, and more. 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 over $1.1 billion in venture
capital funding, is rated "A- Excellent" by AM Best
and has been recognized by CNBC Disruptor
50, Forbes Fintech 50, Inc.'s
Best-Led Companies, and Forbes Best StartUp
Employers. For more information, visit
NEXTInsurance.com. Stay up to date on the latest with NEXT
on X, LinkedIn, Facebook and
our blog.
About Allstate
The Allstate Corporation (NYSE: ALL)
protects people from life's uncertainties with a circle of
protection including cars, homes, electronic devices, benefits and
identity theft. Products are available through a broad distribution
network including Allstate agents, independent agents, major
retailers, online and at the workplace. Allstate is widely known
for the slogan "You're in Good Hands with Allstate."
About Allianz X
Allianz X invests in digital
frontrunners in ecosystems relevant to insurance and asset
management. It has a portfolio of over 25 companies and AuM of more
than 1.5 billion euros. Allianz X has
counted 12 unicorns among its portfolio so far. The heart and
brains behind it all are a talented team of around 40 people. As
one of the pillars of the Allianz Group's digital transformation
strategy, Allianz X provides an interface between Allianz Operating
Entities and the broader digital ecosystem, enabling collaborative
partnerships in insurtech, fintech, and beyond. As an investor,
Allianz X supports mature digital growth companies to take the next
bold leap and realize their full potential. Keep up with the latest
at Allianz X on Medium, LinkedIn, and X (formerly Twitter).
About Allianz
The Allianz Group is one of
the world's leading insurers and asset managers with more than 122
million* private and corporate customers in more than 70
countries. Allianz customers benefit from a broad
range of personal and corporate insurance services, ranging from
property, life and health insurance to assistance services to
credit insurance and global business insurance. Allianz
is one of the world's largest investors, managing around 717
billion euros** on behalf of its insurance customers.
Furthermore, our asset managers PIMCO and
Allianz Global Investors manage about 1.7 trillion
euros** of third-party assets. Thanks to our systematic
integration of ecological and social criteria in our business
processes and investment decisions, we are among the leaders in the
insurance industry in the Dow Jones Sustainability Index. In 2022,
over 159,000 employees achieved total revenues of 152.7
billion euros and an operating profit of 14.2
billion euros for the group***.
* Including non-consolidated entities with Allianz
customers.
** As of June 30,
2023.
*** As reported – not adjusted to reflect
the application of IFRS 9 and IFRS 17.
Kerry Ogata
Director of Corporate Communications
NEXT Insurance
kerry.ogata@nextinsurance.com
301-717-4224
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SOURCE NEXT Insurance