US insurtech Policygenius cuts staff

Policygenius, a New York-based insurtech, has cut 25% of its workforce, that is about 170 employees.

According to Jennifer Fitzgerald, CEO and co-founder of Policygenius, the layoff is part of the company's strategy after the sudden and dramatic change in the economy.

The move comes three months after the insurtech completed a major fundraising round of 125 million USD in March 2022.