Bestow's CEO said 41 employees were laid off on Friday.
of Centurion Life Insurance Co. gave it license to be its own insurance carrier in almost every state in the U.S.
Bestow joins a couple hundred tech companies that have had layoffs in 2022. Among them are online insurance companion The Zebra, which is based in Austin and laid off about 40 employees, according to CrunchBase.“We are heavily investing in business areas that have demonstrated the greatest growth potential and a faster path to profitability, such as our enterprise, partner and adviser solutions,” O’Banion said.
Founded in 2016, Bestow creates instant life insurance solutions for businesses of all sizes across any channel. The product is a fully digital life insurance offering that uses artificial intelligence to help customers secure a plan in minutes on their phones with no medical exams needed. Bestow has 247 employees after the layoffs.
“From our experience, great companies and teams rise to the challenge in difficult market conditions, which we are excited to do for our customers and partners,” O’Banion said.. Alexandra Skores is the breaking business news reporter covering local companies and economic topics. She's a graduate of the University of Iowa, where she was managing editor of the award-winning student newspaper, The Daily Iowan.
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