Assurance IQ closes Nectar

In 2021, Assurance IQ launched Nectar, a platform offering auto, home, and life insurance leads to third-parties such as agents.

The new venture was never a meaningful part of the Assurance IQ business and Nectar is now closing its marketplace and getting out of the lead selling space.

Nectar users will be able to access their accounts until April 1, 2024.

Last month, Prudential made cuts at Assurance IQ which impacted 19% of the workforce. The company shared the following statement with Coverager: “Prudential continually reviews its organizational structure on behalf of its customers to drive growth and maintain its competitive position in the marketplace. This includes periodically eliminating certain roles across the company that no longer align with our strategy, including at Assurance.”

Prior to these layoffs, Assurance IQ had around 1,500 salaried employees.

Earlier this month, Assurance IQ filed a notice of data breach with the Attorney General of California after discovering that an Assurance employee shared consumer information for an unauthorized purpose.