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Next Insurance acquires AP Intego

CM 03/03/2021

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Next Insurance said Wednesday it signed an agreement to acquire AP Intego, a digital insurance agency providing a suite of small commercial insurance products to some of the largest small business software ecosystems in the U.S., including Intuit, Gusto, Square and Toast. The value of the deal was not disclosed.

Next Insurance and AP Intego will help streamline how small businesses shop for, purchase and pay for products that help insure their livelihoods, their employees and their assets, the company said.
“At Next Insurance, we’re modernizing a centuries-old industry to better provide small business owners with convenience, value and choice,” said Guy Goldstein, CEO and co-founder of Next Insurance. “We’re excited to welcome the AP Intego team to Next Insurance. This acquisition marks an industry-defining milestone in our efforts to build a market-leading one-stop-shop for small business insurance. The combination of AP Intego’s experience in insurance product distribution through partners and pay-as-you-go infrastructure combined with our approach to digital customized coverage, will provide more customers with seamless access to innovative insurance products.”
The insurance industry has been traditionally slow to innovate and for decades small businesses have remained an underserved and fragmented market, proving there is a need for a modern, digital-first insurance provider that better supports their needs. Next Insurance will offer its products on AP Intego’s platform alongside an established stable of carrier relationships. Next Insurance will provide AP Intego’s partners and customers with additional coverage, pricing options and a streamlined insurance experience. Together, through AI-driven pricing, instant purchasing capabilities and always-on, pay-as-you-go service, that automatically adapts to a business as it changes, Next Insurance and AP Intego will offer a modern upgrade to small business insurance.    
Next Insurance, which is based in Kfar Sava, said it experienced record growth in 2020 and raised $500 million in venture capital over the last 16 months. It also acquired Juniper Labs in December, making AP Intego its first insurance distribution acquisition. The acquisition of AP Intego brings Next Insurance’s small business customers to over 200,000.
AP Intego employs 160 people in and around Waltham, Massachusetts, Rochester, NY and other parts of the U.S., bringing Next Insurance’s headcount to nearly 600 team members across four major offices. As part of the agreement, AP Intego will retain its partnerships with leading US small business insurance carriers and its focus will remain on delivering choice, the right coverage and competitive pricing to its partners and their small business customers. The close of the transaction is subject to customary closing conditions.

Source: Jerusalem Post

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