NEXT Insurance Enters Partnerships with Allstate and Allianz X, Supported by $265 Million Strategic Investment
- NEXT Insurance expands its product offerings to Allstate customers, reaching more small businesses nationwide.
- The partnership with Allstate will result in the development of innovative and unique commercial auto products.
- Allstate and Allianz X invest $265 million in NEXT Insurance to accelerate the company's growth and expansion.
- NEXT Insurance aims to serve the 33 million small businesses in America, providing easy-to-use online platforms and essential coverage.
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- 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
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
NEXT has committed to serving the more than 33 million small businesses in America, one of the largest -- and most important -- segments in the
"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
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
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
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