Britannic Assurance has announced it is to make 2,000 staff redundant as a result of the firm’s decision to cut its direct sales force.
The company aims to save £82 million through the job cuts, which will be completed by the end of the next financial year.
Britannic Assurance’s chairman, Harold Cottam, said, “We are taking decisive action to reduce the sales force to a profitable core and shift our focus to more valuable distribution channels.
“It is no longer possible to run a large sales force serving low to middle-income households on an economic basis. Whilst continuing to serve our existing customers we will focus on other channels such as IFAs and tied agencies.
“These changes at Britannic Assurance will deliver annual cost savings of some £82 million which will be achieved in full by our next financial year.”
By Ben Willmott