Hippo Insurance coverage lays off 20% of workforce

Private strains insurtech Hippo Insurance coverage (Hippo) has laid off 20% of its workforce, or roughly 120 staff, efficient November 1, 2023.

The transfer, which comes days earlier than the corporate is because of announce its third quarter monetary outcomes, is a bid to “drive effectivity and improve concentrate on its strategic priorities,” Hippo stated in its newest SEC submitting. It notified most of its affected employees concerning the cuts on October 26, 2023.

The roles discount follows Hippo’s determination to pause all new nationwide enterprise from August 2023.

The Israeli-founded service introduced an preliminary spherical of layoffs in September 2022, which noticed 70 staff, then 10% of its workforce, laid off.

The corporate additionally made an govt group overhaul, with Ran Harpaz stepping down from his function as chief working officer (COO) and chief expertise officer, in November 2022.

Hippo expects to document a cost of between $2.2 million to $2.7 million for severance, advantages, and associated prices because of the cuts within the fourth quarter of 2023.

It stated it’s persevering with to assessment the potential impression of the discount, together with facility lease exits and extra employee-related prices.

The insurtech’s announcement is the most recent in a string of insurance coverage layoffs this month.

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