Layoffs At Two Boston-Based Insurtechs
Online reports say layoffs occurred at both Corvus & Insurify
According to online reports, Corvus Insurance has started off 2023 announcing a layoff of approximately 14% of its workforce. Simultaneously, however, the company also announced further plans to expand into Europe and the UK over the coming year. While the size of the layoff was confirmed to the Boston Business Journal, no further information was offered by the company. The BBJ article, however, also noted that a so-called “Corvus Alumni Layoff List” has been making the rounds on LinkedIn.
Founded in 2017 in Boston by Phil Edmundson and former Poncho Insurance Founder Mike Lloyd, Corvus is an AI-Driven Smart Commercial Insurance platform. In March 2021, the company announced the closing of a $115M Series C Funding Round followed by its acquisition of Wingman Insurance in August of 2021. Last year, the company announced its acquisition of Tarian Underwriting Limited, based in London. Also in 2022, Corvus saw a major leadership change with the appointment of Presidet Madhu Tadikonda as CEO of Corvus in August 2022, replacing Founding CEO Philip Edmundson who assumed the role of Executive Chair and Chair of the Board.
Coverager also had an article on the subject and included some quotes from former employees who posted on Glassdoor. Speaking of Coverage, the insurtech-focused blog also noted last week that layoffs are also occurring at Insurify. Founded in Boston in 2016, Insurify was one of the “first insurtechs” that appeared on Agency Checklists radar.
Since then, the full-service virtual agent powered by its AI and predictive analytics platform has grown exponentially over the past seven years, along with the help of $100 million in Series B financing that the company secured in 2021.
As Artificial Intelligence continues to grow and expand into the insurance sector, many insurtechs will have to reimagine their workforces to deal with the implications that this new technology will be bringing to our industry.
