Amazon’s journey into the insurance space has taken a significant step forward with a new offering for U.S. business owners ?
Amazon Business and Next Insurance have formed a partnership to provide eligible Amazon members with access to small-business insurance coverage,
including general liability, professional liability, workers’ comp, and more now
Amazon’s journey into the insurance space
“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,” Todd Heimes, director of Amazon Business Prime, said in a statement. “We believe Next Insurance offering products to Business Prime is another example of how this program provides value and benefits to members.”
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This news comes eight months after Amazon partnered with Mumbai-based Acko General Insurance to offer car and motor-bike insurance in India.
The e-commerce giant also recently announced the expansion of Amazon Care to employers in Washington with plans to offer the program in all 50 states later this year. Amazon Care, which was launched in 2020, offers virtual and in-home health care services.
Amazon’s partnership with Next Insurance “Amazon’s journey into the insurance space” is a natural pairing given the latter’s use of technology to deliver small-business insurance with a simple and affordable purchasing experience. InsurTech boasts a 10-minute lead time for small-business owners to get a customized quote for their business, with a certificate of insurance delivered completely digitally.
“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,” said Guy Goldstein, CEO of Next Insurance, in a press release. “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.”
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.
“We believe Next Insurance offering products to Business Prime is another example of how this program provides value and benefits to members,” Heimes said.
Business Prime members can obtain Next Insurance quotes and then purchase general liability, professional liability, workers’ compensation, commercial auto and tools, and equipment coverages.
For Amazon Business Prime customers, Next Insurance is offering an exclusive 10 percent discount on general liability and professional liability policies.
“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.
The insurer is also targeting businesses that sell goods and services on Amazon. Amazon requires certain sellers with gross sales of $10,000 a month or more for three months in a row to have insurance, according to Next’s blog.
Next Insurance Targets Businesses That Sell and Buy on Amazon
The insurance requirements for sellers known as Amazon Pro Merchants include $1 million in liability coverage. Required coverages include product liability, products/complete operations, bodily injury, personal injury, broad form property damage, and broad form contractual coverage.
Next Insurance offers an online process that makes it possible to buy a commercial policy in 10 minutes or less and it provides its insureds with 24/7 access to certificates of insurance. Next uses artificial intelligence and machine learning to simplify the purchasing process, which it claims drives down costs by up to 30 percent compared to traditional policies.
Founded in 2016 in Palo Alto, Next has received a total of $631 million in venture capital funding to date.
Source: Next Insurance