Insurtech NEXT Insurance expanded partnership with Gusto Embedded

NEXT Insurance, a digital insurtech transforming small business insurance, announced its expanded partnership with Gusto Embedded.

The strengthened partnership will exclusively offer NEXT’s pay-as-you-go workers’ compensation to the small business customers of Gusto Embedded partners through NEXT’s industry-leading, fully embedded insurance solution, NEXT Connect.

Users can benefit from NEXT’s technologically advanced, in-house pay-as-you-go offering for workers’ compensation which enables better cash flow management for small businesses and ensures they only pay for the coverage they need. This solution marks the first time workers’ compensation insurance is being offered through an embedded payroll experience.

Embedded insurance could make significant inroads into both personal lines and small commercial insurance business, exceeding $70 billion in premium by 2030.

Embedded insurance is currently a red-hot topic in the industry. It has permeated many of our recent conversations as clients evaluate how embedded currently impacts—or could impact—their distribution plans. The sense of urgency is compounded by disruptor companies like Tesla throwing their hat, in a meaningful way, into the insurance ring. 

Available now, small business owners can get a free quote within minutes and sign up for a pay-as-you-go workers’ compensation policy to protect their businesses from unexpected expenses, all within the third-party SaaS platforms, taking advantage of this unique embedded fintech partnership.

NEXT and Gusto Embedded unite under the shared goal of supporting small businesses across the U.S. with the tools they need to simplify two of the most complex functions they’ll face at work: insurance and payroll

Eran Liron, Chief Strategy Officer at NEXT Insurance

Offering this digital embedded payroll experience together with Gusto allows insurtech to streamline this process, making it easier and more convenient for small business owners to stay compliant and protect themselves, all from the partners they trust most.

With NEXT Connect, signing up for workers’ compensation can be seamlessly integrated into a third-party software at the time of payroll onboarding or elsewhere in the user interface.

Next Insurance co-founders Nissim Tapiro, Alon Huri
Next Insurance co-founders Nissim Tapiro, Alon Huri

This enables more contextual offers for payroll and workers’ compensation based on customer data or activity, including in-app notifications about the next steps that should be taken once you’ve hired your first employee.

NEXT and Gusto Embedded’s partnership enables a more convenient way for small businesses to stay compliant and protect themselves.

Allowing small businesses to access reliable payroll and pay-as-you-go workers’ comp products embedded in the software solutions they use already saves them time, reduces errors, and gives them peace of mind

Yi Liu, General Manager of Gusto Embedded

The expanded solution with NEXT allows partners to offer small businesses workers’ compensation seamlessly and quickly, while also advancing our goal of helping businesses create great places to work and helping partners grow revenue.

NEXT Connect enables small business partners in industries including payroll, POS (point of sale), accounting, e-commerce, banking and others to purchase fast and affordable insurance coverage in a way that is convenient for them, either entirely online or with the assistance of a licensed insurance agent.

Peter Sonner   by Peter Sonner