In November 2022, Vancouver-based insurtech company Apollo Insurance laid off approximately 25% of its staff across various departments. The cuts were attributed to a "renewed focus" for the organization after the business failed to meet its revenue targets for the year. Co-founder David Dyck stated the changes were intended to improve coverage and pricing to achieve a more sustainable business model, while emphasizing that technology and product offerings would not be reduced. The company, backed by investors like Liberty Mutual, Definity, and Trisura, planned to continue investing in technology and introduce new capabilities for brokers despite the workforce reduction.
