We will be reducing our workforce by 17% with most of the positions impacted being in the US. However, in reference to the company's long-term vision, we must shift focus towards profitability. The company is on track to reach annual sales of well over $800mn in 2022. In the last six years since we were founded, we have invested heavily in building our product base, and increasing our customer acquisition channels, and in 2021 we tripled the business. The statement read "It was a very difficult decision, but we are reducing the workforce to adapt to the worsening macroeconomic environment. In an official statement released by Next Insurance, company leaders said the decision to cut jobs had been made as part of a strategy to ensure Next Insurance’s profitability stays on track. Insurtechs downsizing to survive economic climate Policygenius cut 25% of its US-based staff last month, and the world’s biggest cryptocurrency exchange, Coinbase, has also put a freeze on hiring and rescinded recently made job offers. The news follows on from a number of insurtechs and fintechs that have announced staff layoffs and a pause on hiring. The job cuts will shrink Next Insurance’s workforce by 17%, and although most of the layoffs are in the US, an estimated 40 staff will also be cut from the company’s headquarters in Tel Aviv. A difficult financial climate for insurtechs The insurtech’s latest round was led by FinTLV Ventures and Battery Ventures with participation from CapitalG, Group 11, Zeev Ventures, Founders Circle, and G Squared. The staff reduction has come about despite Next raising $250mn at a $4bn valuation in March 2021, bringing the company's total funding raised to more than $880mn. Next Insurance is an Insurance, Business Services, and Commercial Insurance company located in Palo Alto, California with 280.00 Million in revenue and 776. As a US based MGA and a Carrier, Next insurance is becoming the market leader in online. The company experienced rapid growth, and up until May, was considered one of the world's fastest-growing insurtechs. Next Insurance is one of the promising Insurtech startups worldwide. The insurtech uses AI and machine learning to provide small businesses with online access to policies in as little as 10 minutes. The company made the headlines in 2021 after partnering with Amazon for Business and providing vendors with cover for their retail activities through the Amazon platform It currently has around 200,000 customers. Launched in 2015 by Israeli entrepreneurs Nissim Tapiro, Guy Goldstein, and Alon Huri, Next Insurance operates in the digital insurance market for small and medium-sized businesses in the US, offering policies designed for a variety of businesses. Create and send certificates of insurance instantly from your phone, view policy docs with a tap, and get fast notifications on claims, payments, and more. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile.Īs a matter of policy, BBB does not endorse any product, service or business.Insurtech unicorn Next Insurance has axed 150 employees, main from its US operations, in a move they say, will steer the company towards profitability, as according to reports, the company is on track to reach annual sales of well over $800mn in 2022. The NEXT mobile app lets you manage your business insurance from wherever you are. BBB Business Profiles are subject to change at any time. When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints.īBB Business Profiles generally cover a three-year reporting period. It offers errors and omissions, cyber and. Hiscox is a specialist insurance company. It offers quotes for general liability insurance, professional liability. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles. Next Insurances top competitors include Hiscox, Thimble, and Assureful. Online P&C insurance platform for small businesses. Once coverage gaps are uncovered, it can be. Learn about the 10 essential benefits covered by plans like the. What about coverage for employee dishonesty An agents experience can add value to the insurance relationship. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. All health plans offered on the Health Insurance Marketplace must cover specific services. BBB Business Profiles may not be reproduced for sales or promotional purposes.īBB Business Profiles are provided solely to assist you in exercising your own best judgment.
0 Comments
Leave a Reply. |