Amazon may be more familiar as a site where you can buy anything from groceries to appliances, and everything in between. However, the eCommerce giant does not stop there, offering a variety of services to its members - including cloud, data storage, music, streaming, in addition to services and products providing enterprise solutions. Now, Israeli Unicorn Next Insurance is joining that list of services offered by Amazon.
Purchasing insurance through Amazon
The Israeli Insurtech startup, which last September saw its valuation rise over the $2 billion mark, provides small and medium sized businesses in the U.S. with digital insurance options - and this is where Amazon enters the picture. The Seattle-based corporation and the Israeli startup have announced a collaboration, where Amazon will offer Prime Business members the option of purchasing digital insurance through Next.
The partnership will enable Prime Business customers in the U.S. to easily obtain quotes from Next, and if relevant purchase through Amazon. Next Insurance will be able to offer Prime Business members from the company’s suite of products, including General Liability, Professional Liability, Workers' Compensation, Commercial Auto, and Tools and Equipment insurance coverage.
Next are trying to transform the way small businesses approach insurance coverage, which in the past usually ended with insurance companies offering a “one solution fits all” product. Understanding that this led many business owners to overpay for a premium they don’t need, the Next Insurance platform is focusing on customizing coverage tailored to the small/medium business owner.
"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… With Amazon Business Prime, we are taking a large step toward providing greater access to seamless insurance coverage,” said Guy Goldstein, CEO of Next Insurance.
"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," said Todd Heimes, Director of Amazon Business Prime. "We believe Next Insurance offering products to Business Prime is another example of how this program provides value and benefits to members."