No. of Recommendations: 6
Geico reduced its staffing by 20% during 2023, giving up more than a percentage point of market share, as the auto insurer moved to retrench and regain profitability.
The head of Berkshire’s insurance business, Ajit Jain, acknowledged the challenges at the conglomerate’s annual meeting last May, saying “Geico’s technology needs a lot more work than I thought it did.”
The underinvestment in technology that led to that tangle looks like an unusual unforced error by Buffett.
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