Insurtech company Policygenius laid off approximately 25% of its workforce, affecting an estimated 170 employees, in early June 2022. This significant reduction came less than three months after the firm raised $125 million in a Series E funding round. CEO Jennifer Fitzgerald cited the sudden and dramatic economic shift as the reason, stating the company needed to adapt its strategy. Policygenius, which operates an online platform for comparing and purchasing insurance, had reported strong growth in its home and auto insurance segments prior to the layoffs. The company, positioned as a tech-enabled brokerage, stated it would continue to invest in its core insurance businesses despite the workforce reduction.
