Online insurance provider InsWeb Corp. expects to cut staffing by 40 percent over the next two quarters as it discontinues certain operations and consolidates its main businesses. Revenues for the second quarter are expected to be about $5 million, with one-time charges during the quarter. The near-term effects of the restructuring are expected to push quarterly revenues for the balance of fiscal 2000 significantly lower than original projections. InsWeb expects to begin generating profits in 2003.
Was this article valuable?
Here are more articles you may enjoy.
Intersecting Risks and the Future of Construction Insurance 
Ship Insurers Set for Major Claims From Iran War, Allianz Says 
Flood Insurance Gap Will Squeeze Local Governments and Homeowners, Moody’s Says 
How Insurers Know When It’s Time to Scale AI From This Issue
