Israeli insurtech company Next Insurance today announced its strategic partnership with Allstate and Allianz X, which are investing $265 million in the company. The partnership will combine the Next Insurance's 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 company was founded in 2016 by CEO Guy Goldstein, CTO Alon Huri, and VP R&D Nissim Tapiro. The three founders previously founded Check, which developed an app for following the user's bank account and was sold to US company Intuit for $360 million.
Next Insurance has adopted a digital-first, data-driven approach to modernize insurance. The company was built to address the specific needs of small business owners that had previously been unmet by using 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.
Goldstein said, "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."
Over 500,000 small businesses across the US 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.
Published by Globes, Israel business news - en.globes.co.il - on November 1, 2023.
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