Loop makes additional cuts

Car insurance startup Loop Insurance has made additional cuts on Friday and today which impacted 10 employees.

Based on information we obtained, the affected departments include underwriting, marketing, customer service, and retention.

In March, Loop conducted a 25% workforce reduction (19 employees), and in August 2022, the startup parted ways with around 15 employees.

It has been two years since Loop announced a round of funding following the $21 million Series A round that was disclosed in September 2021.

The startup is going through some changes including switching admin systems and bringing claims in-house. Loop is also looking to attract customers with the help of independent agents and in July it introduced its Partner Agents program, which promises equity incentives and local-impact grants in addition to traditional commission-based compensation structures.