AM I NEXT? NO LOVE AT LEMONADE INSURANCE

New York City, New York-based Lemonade Insurance Company, a property and casualty insurance company offering renters and home insurance policies for homes, apartments, co-ops, and condos, has announced that it will be making post-acquisition layoffs at San Francisco, California-based Metromile, a technology startup that offers pay-per-mile car insurance and licenses a digital insurance platform to insurance companies.

The reduction in force will affect 60 Metromile employees at Metromile's Tempe, Arizona office, including employees in the recruiting, product, engineering, and communications departments.

According to a company spokesperson, “We’re thrilled that we’ve finalized our acquisition of Metromile, and that we've been able to offer a role at Lemonade to about 80% of the Metromile team. The combined entity is better than the sum of its parts and can operate with fewer people than were needed to staff the two standalone. This makes the deal compelling to shareholders, but clearly is painful to those who weren't extended an offer to join Lemonade.”

The layoffs came immediately after the closing. Lemonade shares were down over 6% in afternoon trading and are more than 55% lower for the year. In April 2022, Lemonade laid off 50 employees.

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. 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 GEICO (08/26/23)

AUGUST 26, 2023 — UNSPECIFIED LAYOFFS

Employees are reporting major layoffs with affected individuals appearing to have come from a range of departments, including marketing, customer support, the special investigations unit, and IT. No details from the company yet.

OCTOBER 10, 2022 — 70 LAYOFFS IN MACON, GEORGIA

The company has announced that it will reduce its Macon, Georgia staff by 1%, or about 70 employees.

A company statement noted, "Like most large companies, we continue to review and adjust our staffing to respond to changing customer and business priorities. In areas where we have to reorganize based on changing business needs, we will offer associates positions in other departments when possible. We care about our associates and work hard with them to find other opportunities while adapting to current business realities.”

“Approximately one percent of GEICO’s associate population in Macon has been affected, and the company will provide severance benefits and outplacement services if associates are displaced by these business changes."

AUGUST 9, 2022 — Original post

Chevy Chase, Maryland-based GEICO (Government Employees Insurance Company), the second largest auto insurance company in the United States, has announced the closure of all 38 California offices with a mass layoff of hundreds of employees.

The decision appears driven by the automation of the traditional practice of selling insurance through telephone agents in the state. California residents will still be able to access GEICO's insurance products and customer service using online options using a computer or a mobile device.

According to a company spokesperson, “We continue to write policies in California, and we remain available through our direct channels for the more than 2.18 million California customers presently insured with us.”

Published reports in the financial media question if there is more to the decision such as reducing the company's California insurance portfolio due to excessive claims or declinging state business as Californian's curtail driving due to COVID or high gas prices.

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. 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 BRIGHT HEALTHCARE GROUP

Bloomington, Minnesota-based Bright Health Group, an American health insurance company, has announced a major cost-cutting initiative that will result in a large reduction in force impacting 150 employees.

The company is experiencing major financial difficulties following large losses in 2021 and continuing issues with risk adjustment calculations and processing submitted claims.

According to a company statement, "We are addressing talent and cost structure. We continue to evolve our team, adding expertise as needed, and have taken specific actions to reduce the cost structure, eliminate redundancies and drive efficiencies across the organization. While this decision was difficult, we strongly believe it is essential for the long-term health and success of our organization to realizing our vision of making health care right together.”

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. 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?