Insurtech partners with Amazon on small business insurance proposal | Latest news

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Insurtech Next Insurance partners with Amazon’s B2B marketplace called Amazon Business to provide eligible members with access to tailored insurance policies for small businesses.

The partnership plans to enable Amazon Business Prime members to get quotes from Next Insurance for general liability, professional indemnity, workers’ compensation, commercial auto and tool and equipment coverages.

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Guy Goldstein, CEO of Next Insurance, said: β€œWe believe the future of insurance buying is meeting customers where they already are and making it easy to buy customized and affordable policies.

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β€œWe are proud to continue to be chosen by top companies, such as Amazon, who understand that digital solutions are the best way to serve small businesses.

β€œWith Amazon Business Prime, we are taking a big step toward better access to seamless insurance coverage.”

This follows rumors of Amazon’s entry into the motor and auto insurance market, which came about after it the Indian insurtech Acko . had picked up in September 2020.

Pain points

Historically, business insurance has been a “pain point” for small business owners, as large insurers often take a “one-size-fits-all approach,” Goldstein added.

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As a result, some small businesses pay more for their insurance and have a poor customer experience. However, Next Insurance’s new partnership plans to offer small business coverage that is customizable.

The insurtech uses new technology, such as AI and machine learning (ML), to provide a simple and affordable purchasing experience. This means that small business owners can get a custom quote for their business in less than 10 minutes and receive an insurance certificate fully digital.

Todd Heimes, director of Amazon Business Prime, said, β€œWe know that small business owners are looking for innovative and cost-effective ways to streamline their business and save time, and that’s what this partnership with Next Insurance helps achieve.

“We believe that Next Insurance offering products to Business Prime is another example of how this program provides value and benefits to members.”

Amazon Business helps small businesses, schools, hospitals and government agencies, as well as large enterprises with global operations, to reshape their procurement with cost and time savings, increased productivity, and insightful procurement analytics.

Business focus

To further support small businesses, Next Insurance prioritizes partnerships with companies most frequently used by small business customers, for example the integration with Intuit Quickbooks.

The acquisition by insurtech of the digital insurance agency AP Intego at the beginning of March brings the number of small business customers of Next Insurance to 200,000.

Last year, Next Insurance saw record growth, a doubling in gross written premium (GWP) and a run rate of $200 million. In the past 16 months, the company has raised $500 million in venture capital and in December 2020 it acquired Juniper Labs.

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