Economic uncertainty, coupled with a period of transition in InsurTech, has led to a wave of layoffs for the industry. For InsurTech employees worried about potential layoffs, Steve McOrmond, senior content marketing manager at property/casualty and specialty InsurTech Federato, offered an acronym as advice: ABN, or always be networking.
Executive SummaryLast year saw a wave of InsurTech layoffs, and experts say that trend is likely to continue as the industry battles economic uncertainty and a period of transition. Recruiters and formerly laid-off InsurTech employees share their best tips for employees to find new opportunities and employers to recruit and retain talent. Erie Insurance also shares some of its secrets to success, having never laid off an employee in its nearly 100 years in business.
“You shouldn’t just be on LinkedIn and contributing to the industry conversation when you’re laid off and looking for a new opportunity,” he said. “Always be networking and keeping an eye out for those uniquely great companies, impressive leaders and talented individuals that you might like to work with in the future.”
His advice comes from a place of understanding—McOrmond himself was laid off from commercial insurance InsurTech Chisel AI last year. This happened as the company announced it was winding down its operations in an April LinkedIn post.