Metromile furloughs and parts ways with one-third of its staff
Metromile has furloughed and parted ways with about one-third of its staff or about 100 people. According to a company spokesperson, a good amount of people affected were furloughed as Metromile plans to “ramp back up some teams fairly quickly.” It appears that the entire marketing department has been laid off according to a LinkedIn post.
The spokesperson also issued a statement for some added context:
“Given economic uncertainties as a result of Covid-19, we’ve made the difficult decision to furlough some employees and part ways with others.
From Metromile’s earliest days, we’ve focused on strong unit economics, disciplined financial stewardship, and a deliberate approach to growth. This focus provides us with an exceptionally solid foundation, but the unprecedented environment brought on by Covid-19 requires us to take measures that protect the business and our customers, while creating runway to ensure a full recovery. We believe these steps will enable us to support our customers and the remaining team fully and help us emerge in a position of enduring strength.
Metromile’s value proposition has never been clearer. Our data shows that miles driven and claims are currently at an all-time low. As a result, in March alone, Metromile customers saved approximately $1 million on their car insurance compared to March last year.
We don’t anticipate any impact on customers as a result of these moves. We are committed to serving customers with the same combination of low pay-per-mile rates, excellent customer service and claims support, and features they love. Our claims and customer service teams are fully operational and available through all of our existing channels. Our hours also remain the same. We will scale the team back up as shelter-in-place guidelines lift.
We are thankful that customers are driving less, staying close to home, and doing their part to protect themselves and their communities. We’re proud to be helping people save money during such uncertain times and easing one small piece of their financial concerns.”
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Metromile and INSU Acquisition Corp. II, a publicly-traded special purpose acquisition company sponsored by Cohen & Company, LLC, a subsidiary of Cohen & Company Inc., announced that they have entered into a definitive business combination that will result in Metromile becoming a publicly listed company.