According to the Coverager, Next will be able to contact small company clients and improve its product offerings thanks to the funding.

Customers of Allstate will have access to Next's digital insurance products through this new relationship, and the two businesses will work together to create commercial car solutions specifically designed for small business use.

Through a multi-year commitment with Allianz Re, the agreement further strengthens Next's reinsurance relationship with Allianz.

Next, which was established with the goal of assisting small and microbusinesses in the US, offers digital insurance solutions that make coverage easier for company owners.

Its platform provides a wide range of products, such as commercial vehicle insurance, professional liability insurance, and general liability insurance, all of which are designed to give small company owners affordable and easily accessible solutions.

In order to reach millions of underrepresented small companies nationwide, Next plans to use the additional capital to scale its platform capabilities, increase the number of insurance products it offers, and improve its partnership with Allstate.

Through the integration of Next's digital skills and Allstate's well-established distribution network and brand familiarity, the businesses want to provide "affordable, simple, and connected protection" to a wide range of small company owners.

This fundraising round raises Next's total capital to $1.1 billion, demonstrating the rising interest of investors in the InsurTech sector and the potential for digital solutions to upend conventional commercial insurance services.

"We founded Next because we saw an opportunity to help millions of small and micro-businesses across the U.S. and made it our mission to help entrepreneurs thrive," stated Guy Goldstein, co-founder and CEO of Next. We are thrilled to expand our reinsurance agreement with Allianz Re, welcome Allianz X and Allstate as investors, and cultivate a significant cooperation with Allstate in order to provide our one-stop-shop small business insurance solution to millions of their clients, all while building on our current support.

"By combining Next's capabilities with Allstate's operational expertise, wide distribution network, and strong brand awareness, Next's unique platform will help bring new, innovative products to existing Allstate customers and the millions of underserved small businesses that want affordable, simple, and connected protection," said Mario Rizzo, president of Allstate Insurance Property-Liability. We will work together to provide small companies with comprehensive insurance that is offered on the platform of the future.

Allianz X CEO Dr. Nazim Cetin went on to say, "Small enterprises are essential to every economy. Next Insurance has created state-of-the-art technologies to solve their typical problems since it has a thorough understanding of their demands. We can advance our shared objective of providing consumers with the courage and security to face the future with confidence by utilizing Next's technologies and Allianz's extensive experience in this field.