The US-based small business insurtech is easing Amazon Business Prime members’ access to a wide range of policies, including general liability and workers’ compensation, per PR Newswire. Founded in 2016, Next Insurance uses AI to tailor coverage to small businesses. Amazon Business Prime provides businesses with fast shipping, discounts on products they buy the most, purchasing and spending analytics, and more.
Partnering with the tech giant is a huge win for Next Insurance, further diversifying its distribution channels. The insurtech’s gross written premiums doubled to $200 million in 2020 thanks to its AI-powered underwriting driving down prices by up to 30% compared with traditional policies and customizing online quotes in less than 10 minutes. Next Insurance is now actively partnering with third-party platforms to better reach small businesses and keep this growth momentum going, and it already teamed up with accounting fintech Quickbooks in October. Now, Next insurance can reach the millions of small businesses that use Amazon Business Prime, per PR Newswire, further accelerating its sales.
Amazon’s move will push insurers to adapt or risk being displaced.
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