Next insurance8/1/2023 ![]() On top of that, coverage is available nationwide, in all 50 states! your gym, client’s home, park, etc) and download Certificates of Insurance to demonstrate proof of insurance to your clients or gym. Along with great coverage offerings and competitive prices, you can also add unlimited “Additional Insureds” (e.g. Next gives you access to general and professional liability coverage designed specifically for those in the fitness industry. NASM is pleased to be partnering with Next Insurance, Inc., a leading provider of Personal Trainer insurance products. client injury or client dissatisfaction). “We are confident we are building an enduring organization poised for future growth,” Timm said in the statement.GET PROFESSIONAL AND GENERAL LIABILITY COVERAGE FOR AS LITTLE AS $11/MONTHĪs a newly Certified Personal Trainer it’s important to insure yourself against potential liability issues (e.g. Root Co-Founder and CEO Alex Timm said in a public statement regarding the layoffs that the move will further focus the company’s efforts on differentiating and diversifying its distribution, as well as improving its insurance operations and customer experience. … They made consistent bad choices, and they cost people their jobs.”Ī Root spokesperson declined to comment on these claims. “This was an underwriting failure and a marketing failure. “They over hired,” said Robert Martin, former property/casualty inside sales agent at Root. However, one former employee affected by the layoffs refuted the company’s claims of pandemic losses, saying he believes the layoffs were a function of over hiring and overspending. “As the pandemic has continued to evolve, supply chain and inflationary pressures have caused historic levels of loss cost increases,” he said. “Last Tuesday, we accelerated our transition to profitability and independence by cutting our burn through leaner expenses and, unfortunately, organizational changes including layoffs.”Ĭarrier Management reported earlier this year that technology company Root Inc., the Columbus, Ohio-based parent company of Root Insurance, laid off approximately 330 team members throughout its business in January.Ĭo-Founder and CEO Alex Timm in an emailed statement cited pandemic losses as factoring into the decision. “Thimble’s vision is to become an iconic, independent, profitable insurance company,” Dang said in the statement. All affected employees will be offered severance and assistance in securing new employment, according to Dang. In an emailed statement provided to Insurance Journal’s sister publication, Carrier Management, Thimble Chief of Staff Han Dang said the move aims to accelerate the company’s transition to profitability. The news of NEXT’s layoffs closely followed July 5 layoffs at another insurtech – Thimble – where a reported 33% of the workforce was let go. We will work with partners to deliver this coverage to our customers.” In the meantime, we’ve decided to focus on our leading products while postponing others, such as commercial auto. “Our goal is to provide products that are uniquely tailored and competitively priced and this requires time. “NEXT is committed to our vision to help entrepreneurs thrive and to become a one-stop-shop for small business insurance,” a NEXT spokesperson said in an emailed statement about its future plans. “However, in order to set NEXT on a clear path to becoming profitable, I was left with the hard choice to reduce the size of our team.”ĭeparting employees will receive severance that also includes extended company-paid medical benefits and mental health services, if applicable, the option to keep their company laptop and office equipment, and job search support. “Earlier this year, we reduced operating costs, discretionary spending, marketing spend, and consolidated functions for greater efficiency,” he said in the letter. He added that NEXT is also focused on managing costs after evaluating its plans for the coming years and determining its expenses are too high for the company’s current revenue and insurance capital requirements. Goldstein said in the letter that worsening economic conditions, as well as the company’s focus on profitability for long-term stability, factored into the decision. ![]() As difficult as this is, it is my responsibility to adjust our priorities in light of the new reality of market conditions and to accelerate NEXT’s goals to become profitable.” “This is one of the hardest decisions I have made in my professional life and one I take very seriously. “I am making an incredibly hard decision to part ways with many of our friends and colleagues in an effort to adapt to the worsening macroeconomic environment and to secure the long-term vision of the company,” NEXT CEO and Co-Founder Guy Goldstein shared in the letter. ![]()
0 Comments
Leave a Reply.AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |