It’ll lower roughly 11% of workforce
Farmers Insurance coverage will lay off about 2,400 workers as a part of efforts to streamline its organizational construction, the corporate has introduced.
The layoffs quantity to roughly 11% of the corporate’s workforce. Farmers mentioned the job cuts will assist to make the group extra environment friendly and agile.
“Given the present situations of the insurance coverage trade and the affect they’re having on our enterprise, we have to take decisive actions at present to raised place Farmers for future success,” mentioned Raul Vargas, president and CEO of Farmers Group, Inc. “Choices like these are by no means simple, and we’re dedicated to doing our greatest to help these impacted by these modifications within the days and weeks to return.”
Farmers is implementing a brand new technique to simplify its techniques and introduce new approaches that help the success of its workers and brokers, the corporate mentioned. The insurer mentioned it plans to supply extra help to its unique and unbiased brokers by means of improved techniques, instruments, and information.
“As our trade continues to face macroeconomic challenges, we should fastidiously handle threat and prudently align our prices with our strategic plans for sustainable profitability,” Vargas mentioned. “Our leaner construction will make us extra nimble and higher capable of pursue alternatives for progress and finally make Farmers extra attentive to the wants of our insured clients and brokers. There’s a shiny future – for Farmers and for our trade – and it essentially will look totally different than the previous.”
Farmers just lately mentioned it might not be renewing tens of 1000’s of insurance policies in Georgia, however was compelled to backtrack when the state’s insurance coverage regulator mentioned the non-renewals have been “a blatant violation of Georgia legislation.” The corporate additionally beforehand introduced it might exit Florida.
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