AM I NEXT? NO LOVE AT FARMERS INSURANCE

Los Angeles, California-based Farmers Insurance, a major insurer of vehicles, homes, and small businesses, has announced an organizational restructuring, cost-cutting initiative, and a reduction in its workforce.

The company's actions will impact 2,400 employees, about 11% of the company's workforce, across all lines of business.

According to Raul Vargas, CEO and President of the Farmers Group, “Given the existing conditions of the insurance industry and the impact they are having on our business, we need to take decisive actions today to better position Farmers for future success. Decisions like these are never easy, and we are committed to doing our best to support those impacted by these changes in the days and weeks to come.”

“As our industry continues to face macroeconomic challenges, we must carefully manage risk and prudently align our costs with our strategic plans for sustainable profitability. Our leaner structure will make us more nimble and better able to pursue opportunities for growth and ultimately make Farmers more responsive to the needs of our insured customers and agents. There is a bright future – for Farmers and for our industry – and it necessarily will look different than the past.”

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT EVERQUOTE

Cambridge, Massachusetts-based EverQuote, an online insurance marketplace, has announced an organizational restructuring to reduce operating expenses, and that EverQuote will be exiting its health insurance vertical.

The exit will impact 98 employees, mostly Health Advisors and Medicare Advisors, located in Evansville, Indiana.

According to Jayme Mendal, CEO of EverQuote, “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. 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.”

“Our team remains laser-focused on closely managing costs and driving operating efficiencies in the business. We believe that the actions we are taking to streamline our operations will better position EverQuote to drive more sustainable growth and deliver a greater return on capital investment.”

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT AMERICAN GENERAL LIFE INSURANCE

Amarillo, Texas-based American General Life Insurance Company, the largest direct to consumer marketers of term life insurance in the country, has announced a restructuring that will see several business functions outsourced to a third party.

The reorganization will impact 461 employees located in Amarillo, Texas, with terminations commencing on February 1, 2023.

According to a company statement, "We anticipate that 461 employees will be affected by this action during the period from February 1, 2023 through June 30, 2023, and each of these employees will receive at least 60 days written notice of the termination of their employment in accordance with WARN. Some of the affected employees will be offered employment by the third-party provider to whom the impacted business functions are being outsourced.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?