Allstate

New data privacy regulations have opened up space for a new wave of compliance-focused startups.

Digital Privacy Tools

Inrupt is a UK-based startup that provides a privacy-centric platform that gives users control over their data. In November 2020, Inrupt launched the open-source “Solid” platform that provides an advanced storage solution for personal data to organizations, where ultimate control over this personal data is retained by the end user. Developers can build applications over the Solid platform to take advantage of personal data securely. Inrupt is the brainchild of Sir Tim Berners-Lee, who is best known as the inventor of the World Wide Web.&nbsp;Key customers and partnershipsThe company has inked contracts with the governments of Sweden, the UK, and Flanders and counts major organizations such as the BBC and the National Health Service (NHS) among its customers in the UK. The NHS has used the Solid platform to build an application that stores patient data in a secure “silo,” where only the individual can control access to doctors or family with respect to the use of their health data.

Simplifying the insurance experience for businesses using technology

InsurTech: Commercial Lines

Next Insurance provides digital insurance solutions tailored specifically for small businesses. The company’s product offering includes a range of insurance policies, including general liability, professional liability, commercial auto, and workers’ compensation. The company leverages AI and machine learning to streamline the insurance process, claiming to process policy requests within 10 seconds. It incorporates factors such as risk level, location, and other business-specific factors to provide policy proposals.&nbsp;In March 2021, Next Insurance acquired AP Intego, a digital agency specializing in small business commercial insurance. The acquisition was intended to expand Next Insurance’s reach to more customers in new business classes. In December 2020, the company acquired Juniper Labs, a startup that automates underwriting for sellers insurance to small businesses, to expand its product offering.&nbsp;In October 2024, the company launched standalone&nbsp;<a href="https://sp-edge.com/updates/34864">professional liability coverage</a> for consultants, offering protection against risks such as errors and omissions, personal injury, and property damage. The coverage can be customized with options for extended reporting periods and prior acts coverage.Key customers and partnershipsAs of November 2023, Next Insurance reported around 500,000 active policyholders, spanning a diverse base of small businesses across various industries, from construction and retail to professional services and fitness.In March 2021, Next Insurance partnered with Amazon to offer insurance solutions to Amazon Prime Business members, providing tailored insurance coverage through the platform​​.&nbsp;In September 2023, Next Insurance partnered with Bold Penguin, an integrated digital solution platform that offers commercial insurance. Through this collaboration, independent insurance agents can access Next Insurance's tailored policies for small businesses, expanding the company's distribution channels.In November 2023, Next Insurance partnered with Allstate and Allianz X. The partnership with Allstate provided Next Insurance’s products to Allstate’s customers and collaborated on developing a new product for commercial auto insurance. The collaboration with Allianz X aimed to strengthen Next Insurance’s reinsurance relationship with Allianz X.In March 2024, it partnered with Tensorflight, a property intelligence platform, to leverage Tensorflight’s property data and risk models to enhance Next Insurance’s underwriting process.&nbsp;

Next Insurance is an online-based insurance company for entrepreneurs and small businesses. The company's services feature claims investigation as soon as possible, with many being decision within 48 hours that helps its clients to get transparency. They use technology to eliminate agents and other expensive extras and give prices that are incredibly affordable. It also offers policies to a range of small businesses from general contractors to personal trainers.  Next Insurance was founded in 2016 and is headquartered in Palo Alto, California..

Inrupt is delivering Sir Tim Berners-Lee’s original vision of a web of shared benefit, for everyone. We are a worldwide team of inventors, investors, entrepreneurs, developers and academics who believe in Sir Tim’s vision for the web. Inrupt’s technology puts individuals in control of their data, gives organizations new opportunities to create value for customers, and allows developers to thrive in an open marketplace of innovation.

Stride Health is a provider of an insurance recommendation platform designed to offer health insurance services. Everyone deserves a smart way to protect your health – and your wallet – without breaking a sweat. That’s why we do the tricky calculus for you. In minutes we’ll enroll you in your most cost-effective health plan, minimize your taxes and maximize your take-home pay as an independent worker or part-time employee. If that wasn’t enough, our personal advisors will navigate the details for you whenever you need us!

Allstate offers a protection product through multiple brands including auto, home, life, and other insurance. Allstate is one of the largest U.S. property-casualty insurers. Personal auto represents the largest percentage of revenue, but the company offers homeowners insurance and other insurance products. Life insurance contributes about 10% of revenue. Allstate products are sold in North America primarily by about 10,000 company agencies. Founded in 1931, Allstate is based in Northbrook, Illinois, United States.

<div> The Allstate Corporation (NYSE: ALL) is one of the largest publicly held personal lines insurers in the US. Founded in 1931 as part of Sears, Roebuck &amp; Co., Allstate has grown into a major provider of auto, home, life and other insurance products. The company is widely known for its slogan &quot;You're In Good Hands With Allstate&quot;. Allstate offers a wide range of insurance products and services, including: <ul> <li> Auto insurance </li> <li> Homeowners insurance </li> <li> Renters insurance </li> <li> Life insurance </li> <li> Motorcycle insurance </li> <li> Business insurance </li> <li> Identity protection </li> <li> Roadside assistance </li> </ul> The company also provides additional coverage options like accident forgiveness, new car replacement, and vanishing deductibles. Allstate has embraced technology with features like the Drivewise usage-based insurance program and the Milewise pay-per-mile option. In recent years, Allstate has focused on improving profitability through rate increases and expanding its digital capabilities. The company has implemented significant auto and home insurance rate hikes. Allstate has also invested in technology initiatives like telematics-powered auto insurance and AI-assisted quotations. In 2023, Allstate formed strategic partnerships with insurtech company NEXT Insurance to expand its small business offerings. Allstate maintains a lower-than-average level of consumer complaints. Allstate continues to adapt its business to changing market conditions while leveraging its strong brand recognition in the insurance industry. </div>

Allstate thinks outside the cubicle with flexible workspaces

Allstate Strategic Ventures

New insurance models are disrupting a centuries-old industry with a focus on personalization and convenience

InsurTech: Personal Lines

Startups in the automobile insurance space, predominantly providing usage-based insurance using telematics devices and/or smartphone sensors.

Startups that offer homeowners and renters insurance using artificial intelligence (AI) and smart home devices to issue policies and validate claims.

Startups that provide life insurance through digital channels personalized to an individual’s circumstances and replacing traditional practices, such as medical tests, with data-driven underwriting.

Companies that offer personal line covers for travel and pets through digital channels and use technologies such as flight tracking and online claims processing.

Providers of comparison websites and tools for carriers, agents, and consumers to compare and purchase policies.

Companies that provide personalized health insurance to consumers via digital channels and use technology such as wearable medical devices to monitor health and improve user experience and underwriting.

Companies that offer digital-only insurance for personal belongings (bicycles, mobile phones, laptops, and cameras), providing protection against theft, loss, or damage, with financial reimbursement or replacement.

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