Shifts in the insurance industry force the Seattle company, which provides an online service to compare insurance plans, to slow and cut back on recent growth.
Seattle-based QuoteWizard laid off about 30 percent of its workforce Tuesday.
Most of the positions cut — about 50 employees — are in QuoteWizard’s Seattle office, and a couple are in the company’s Denver office, which opened this spring.
The layoffs follow cuts in August, when the company eliminated about 20 jobs. QuoteWizard now has about 100 employees, mostly in Seattle’s Pioneer Square neighborhood.
QuoteWizard is a 10-year-old family-run company that operates an online service to compare insurance plans from multiple carriers.
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The company said the layoffs came as a result of shifts within the insurance industry. Carriers have “significantly shifted or reduced their marketing budgets and this has affected QuoteWizard directly,” the company said in a statement.
“We made these difficult decisions as part of our effort to remain competitive in an extremely challenging environment where industry dynamics have recently shifted, customer budgets are constrained and competition has continued to escalate,” CEO Scott Peyree said in an emailed statement.
QuoteWizard hired more than 100 people in recent years, and the company had plans to hire about 50 people this year, it said in May. That accelerated growth will have to slow.
The company has “unfortunately found that the industry is not currently positioned to support this level of growth,” Peyree said.
QuoteWizard has four open positions listed on its website.
The company recently launched a new company division devoted to building its business with insurance agents. QuoteWizard connects agents with potential customers through leads, by sending customers to insurance companies’ websites and by connecting agents and customers through phone calls.