Next Insurance is turning to Amazon’s business customer arm to boost the reach of its small commercial insurance policies.
The InsurTech has formed a partnership with Amazon Business Prime where eligible members can access customized digital small business insurance in a variety of areas. Business Prime members can obtain Next Insurance quotes and then quickly purchase insurance coverage in areas including General Liability, Professional Liability, Workers Compensation, Commercial Auto, and Tools and Equipment.
“We believe the future of the insurance buying experience involves meeting customers where they already are and making it easy to purchase customized and affordable policies,” Guy Goldstein, CEO of Next Insurance, said in prepared remarks. “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.”
For Amazon Business Prime customers, Next Insurance is offering an exclusive 10 percent discount for General Liability and Professional Liability policies.
Todd Heimes, director of Amazon Business Prime, said Amazon’s partnership with Next Insurance dovetails with its mission to help businesses streamline and save time in a cost-effective way.
“We believe Next Insurance offering products to Business Prime is another example of how this program provides value and benefits to members,” Heimes said in prepared remarks.
Next Insurance also works with Amazon in at least one other way. The company provides a primer in a March 11, 2021 blog posting detailing how Amazon sellers can buy Next Insurance to address the requirement for Amazon Seller Insurance.
Next Insurance explains in the posting that an Amazon seller with a Pro Merchant account and gross sales of $10,000 a month or more for three months in a row must have coverage. Sellers must buy $1 million in liability coverage, per occurrence and in aggregate, to meet Amazon’s sellers insurance requirements for Pro Merchants. Coverage includes products liability, bodily injury, personal injury and broad form property damage/contractual damage, the posting notes.
Next Insurance uses AI and machine learning to simplify the purchasing process, something it claims drives down costs by up to 30 percent compared to traditional policies. Founded in 2016, the company is headquartered in Palo Alto and has received a total of $631 million in venture capital funding to date.
Source: Next Insurance