In our journey to revolutionize small business insurance, today marks a significant milestone for NEXT. We're thrilled to announce our entry into strategic partnerships with insurance giants Allstate and Allianz X. These collaborations are not just a testament to our vision but also come with a financial investment of $265 million.
New partnerships and investments
All of this comes just days after we announced another amazing milestone — surpassing 500,000 customers.
This news highlights the profound impact our partnerships with Allstate and Allianz X will have on the small business community. By joining forces, we aim to provide superior digital insurance offerings to an even broader group of entrepreneurs.
Together, we'll leverage our combined expertise in small business insurance to introduce innovative and unique products for a largely underserved market. In addition, we're deepening our reinsurance relationships with Allianz Re.
Reflecting on our journey
When Nissim, Alon and I founded NEXT seven years ago, we were very optimistic about the opportunity to deliver true transformation to the small business insurance market. We were entrepreneurs and experienced first-hand the challenges of dealing with insurance for our business.
We believed that by leveraging technology, a digital insurer could transform the experience for small business owners to be more delightful … and so the NEXT journey began.
We’ve learned a lot along the way, and our customers have always been at the forefront of our business decisions, serving as our guiding star. From our very first customer as an MGA to evolving the business to a full-service insurance company, our proprietary technology platform, excellent insurance offerings and digital customer experience has remained the central focus of everything we do.
Innovations and achievements
Over the years, NEXT has significantly expanded its product offerings, now available in 50 states and Washington, D.C., covering a wide range of insurance needs from general liability to commercial property insurance.
We've introduced customizable coverage options, including our proprietary pay-as-you-go workers' compensation. Introduced a user-friendly mobile app, invested in AI-driven underwriting and streamlined customer experiences.
We've also made strategic partnerships with leading small business software providers and reaffirmed our dedication to agents, introducing tools and integrations that make their work more efficient.
A thank you to our community
I want to thank the hundreds of thousands of small business owners and the dedicated team of NEXTers who have embarked on this remarkable journey together. I would also like to personally thank Allstate and Allianz X and express my excitement for the amazing opportunity to join forces.
Together, we will continue to deliver unparalleled value to our customer, allowing them to focus on what they do best — building and growing their businesses — while we provide the peace of mind they deserve.