EverQuote details layoffs in Evansville
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
Massachusetts-based online insurance marketplace EverQuote Inc. is planning to lay off nearly 100 workers in Evansville. In a notice to the state, the company said the move is the result of “an organizational restructuring to reduce operating expenses.”
EverQuote said in mid-June its goal is to reduce non-marketing expenses by 15%.
Last week, the company announced it is leaving the health insurance vertical, including its marketplace and direct to consumer agency serving the Medicare and “Under 65” health insurance market.
“We are making the strategic decision to exit an area that requires significant capital investment and scale to effectively compete amid an increasingly unpredictable regulatory environment,” CEO Jayme Mendal said in a news release dated July 6. “We are confident that by increasing strategic focus on our core verticals and streamlining operations, we will position EverQuote to improve financial performance and build a stronger competitive position in our chosen markets.”
As a result of the restructuring, 98 employees in Evansville will be let go over a two-week period beginning Aug. 28. The majority of the affected employees are Health Advisors and Medicare Advisors.
The employees are not represented by a union and do not have bumping rights.
EverQuote did not state how many employees will remain in the Evansville office. A request for more information from Inside INdiana Business was not returned.
The layoffs come more than two years after EverQuote announced plans to invest more than $1 million to lease and equip a new location in downtown Evansville and add 100 jobs. That move came less than a year after the company acquired Evansville-based health insurance agency Crosspointe Insurance & Financial Services LLC for an undisclosed amount.