BRIEF: Gold River-based InsWeb slashes staff 30 percent

Thu. October 01, 2009; Posted: 06:22 AM

Oct 01, 2009 (The Sacramento Bee - McClatchy-Tribune Information Services via COMTEX) -- INSW | Quote | Chart | News | PowerRating -- InsWeb Corp., the Gold River-based online provider of insurance quotes, said it has cut 26 jobs, or about 30 percent of its work force.

The company said it reduced its work force from 87 to 61, the number of employees it had at the conclusion of 2007. Most of the staff reductions were in its technology segment.

The company said it expects the job cuts to provide an annual savings of $2.5 million.

This year, InsWeb launched three sites to aid consumers with various concerns i 1/2 InsuranceRates.com, BestInsuranceMatch.com and FreeInsuranceAdvice.com.

"Eighteen months ago, we set out to design and build new sites that redefine the way insurance is sold online," InsWeb Chairman and CEO Hussein Enan said in a statement. "Having achieved this vision and with the investments and development work now largely behind us, we are able to improve our operating model by streamlining the organization to return to an expense run rate that we believe will bring us back to profitability."

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