Next Insurance

Next Insurance has integrated AI throughout its small business insurance platform to automate underwriting, claims processing, and customer service while maintaining human oversight. The company uses machine learning for risk assessment and fraud detection but discloses its AI use in policy documents. Its AI-driven approach enables faster quotes and claims without the documented controversies of other insurtech AI implementations.

Next Insurance laid off 17% of workforce in 2023.

Next Insurance laid off 150 employees in July 2022, approximately 17% of its workforce. Most affected positions were in the U.S., with about 40 employees based in Israel. The company stated: "It was a very difficult decision, but we are reducing the workforce to adapt to the worsening macroeconomic environment." The cuts came despite raising $250 million at a $4 billion valuation just 16 months earlier and being on track for $800+ million in annual sales.