Layoffs at iptiQ
On June 13, a source reached out to share that iptiQ by Swiss Re conducted a round of layoffs in its US unit that impacted 25 people – around 10% of the workforce. A former employee shared that the news came as a surprise.
IptiQ was founded in Zurich in 2014. The business unit and parent company of iptiQ of America has over 600 employees and acts as the B2B2C company of Swiss Re. “By offering straightforward life and non-life insurance products, we enable our partners to deliver multi-channel customer experiences through our advanced end-to-end digital insurance platform.”
Over the years, it established distribution agreements with Ikea for home insurance, UBS for term life, Emil Frey for car insurance, and more.
Since its debut in 2014, the market has become more competitive as insurance companies such as Cover Genius, Element and Qover have begun to emphasize affinity ties with non-insurance companies.
When it comes to the unit’s operations in the US, it is worth mentioning that in 2021, it invested in Bindable , another B2B2C insurance company from Boston. The minority investment reflected a shared goal of “helping insurance carriers and agents expand their distribution channels across the US.”