Quotesmith.com Makes Cuts in Staff

August 6, 2001

The online insurance broker, Quotesmith.com has reduced its full-time staff by 25 employees as a result of its recent move to shift certain back office functions related to the handling of insurance applications for third party administrative firms.

Quotesmith.com chairman and founder, Robert Bland, noted that the move to reduce staff is a difficult decision which impacts many long-time employees. He added, however, that the economic reality of the company’s online insurance brokerage business is that increased electronic routing of orders to insurance company home offices and selected outsources has resulted in a major decline of paperwork processing required of the company.

Bland further stated that the company is helping impacted employees with a cash separation package but isn’t expecting to take on any material or special charges.

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