P&C Specialist reports that Branch is undertaking yet another round of layoffs.
No surprise.
Personal lines Insuretechs thought that auto and home insurance was a ‘commodity’ product and that by imitating Amazon they could cut distribution costs and steal share from the stodgy ‘legacy’ insurance companies. What they’ve found is that insurance risks are anything but commodities: two identical customers with the same experience can result in very different losses. And what’s worse, by not recognizing and acting on this large and complex variance in risk, the Insuretechs literally hung out ‘come loot me’ signs.
And they did.
