Next Insurance, an insurtech specialized in the distribution of commercial insurance policies for small businesses, has raised a total of 265 million USD in funding from Allstate and Allianz. This is the largest investment round in the startup's history, and one of the most important deals in 2023 in the insurtech sector.
The funds raised from insurer Allstate and Allianz X, the digital investment arm of Allianz Group, will be used to fast-track Next Insurance's path to profitability and broaden the scope of its distribution.
The small business market has a potential of 140 billion USD, but remains highly fragmented and dependent on manual processes. It is also worth mentioning that investment in insurtech in the USA is likely to exceed 1.6 billion USD in transactions in the first three quarters of 2023.
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