If the last year showed us anything, it’s that industries across the board need to and can do better for small businesses.
Insurance is a necessity for small business owners to protect their livelihood, but the process hasn’t always been easy for them.
When we founded Next Insurance five years ago, we sought out to change this antiquated industry with the mission of providing entrepreneurs with a digital, one-stop shop with simple and affordable insurance policies.
Today, I’m happy to announce we have signed a definitive agreement to acquire AP Intego, a digital insurance agency that is as passionate about small businesses as we are. They will join us in our mission to transform the insurance experience by providing greater access to innovative insurance products, all in an effort to help small businesses thrive.
Together, we will simplify how small businesses shop for and purchase insurance.
Consumers have become accustomed to purchasing financial services through trusted partners within the software systems they use to run their businesses. Meeting customers where they work, with tried and true partners, is an enormous opportunity for insurtechs as they look to instill trust as they grow their customer base.
AP Intego has proven its value to the market by way of deep relationships with some of the largest small business software ecosystems in the United States, including Intuit, Gusto, Square and Toast.
AP Intego's experience with workers’ compensation pay-as-you-go infrastructure, combined with our approach to digital customized coverage, will provide more customers in new classes of business access to digital insurance products at the point-of-sale, including through payroll providers.
In fact, payroll is a key point of workers’ compensation sales for small businesses and AP Intego has captured 24% of the online payroll provider market. I’m confident our combined efforts will create a streamlined experience that all small businesses deserve.
Eric Harnden and Steve Hauck have helped build and lead a phenomenal company and I’m honored to join forces with them and the rest of the AP Intego team as we seek to build a digital market leader in small business insurance. We’ll keep our partners and customers updated on our progress as we grow together to better serve small businesses across the country.
Insurance is a centuries-old industry with so much room for growth — be it through technologies, partnerships or acquisitions that bring insurance even closer to business or consumer purchases.
Our acquisition of AP Intego is just the beginning of what we hope to accomplish in modernizing the business insurance industry and I promise that we will keep small businesses in the forefront of every decision we make.