The insurtech’s chief executive says the firm is taking a ‘large step’ by providing greater access to ’seamless insurance’ via this partnership

Insurtech Next Insurance has partnered with Amazon’s B2B marketplace called Amazon Business in a bid to provide eligible members with the opportunity to access customised small business insurance.

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

Guy Goldstein, chief executive of Next Insurance, said: “We believe the future of the insurance buying experience involves meeting customers where they already are and making it easy to purchase customised and affordable policies.

“We are proud to continue to be chosen by top companies, like Amazon, who understand the best way to serve small businesses is through digital solutions.

”With Amazon Business Prime, we are taking a large step toward providing greater access to seamless insurance coverage.”

This follows rumours about Amazon’s entry into the motorcycle and car insurance market, which came about after it snapped up Indian insurtech Acko in September 2020.

Pain points

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

This leaves some small businesses paying more for their insurance alongside a poor customer experience. Next Insurance’s new partnership, however, intends to offer small business cover that is customisable.

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

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

“We believe Next Insurance offering products to Business Prime is another example of how this programme 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, greater productivity and insightful purchasing analytics.

Business focus

To further support small businesses, Next Insurance prioritises partnerships with companies that are most often used by its small business customers, for example its integration with Intuit Quickbooks.

The insurtech’s acquisition of digital insurance agency AP Intego in early March brings Next Insurance’s small business customers to 200,000.

Last year, Next Insurance saw record growth, doubling its gross written premium (GWP) and reaching a run rate of $200m. Over the last 16 months, the business has raised $500m in venture capital and, in December 2020, it acquired Juniper Labs.