Everquote Layoffs
July 2023
Everquote announced a layoff affecting 100 employees in July 2023. The company operates in the Finance sector.
100
Jul 11, 2023
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Online insurance agency EverQuote is laying off 98 employees at its Evansville, Indiana office by August 28, as part of a broader restructuring to reduce non-marketing operating expenses by over 15%. The Cambridge, Massachusetts-based company, which reported $404 million in revenue for 2022, is streamlining its operations, including exiting its health insurance vertical that represented about 10% of its revenue. CEO Jayme Mendal stated the cost-cutting measures aim to position EverQuote for growth and profitability, anticipating a return to normal consumer acquisition patterns by auto insurance carriers. The layoffs follow the company's acquisition of Evansville-based Crosspointe in 2020 and subsequent expansion in the area.
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