Insurer Britam has announced job cuts as the firm seeks to create a new organizational structure that will result in a more “competitive, efficient, and customer-centric organization.”
On Monday, the underwriter said the cuts will mostly affect those in managerial roles as they seek to realign the business by eliminating some roles.The insurer has not specified the number of roles targeted in the redundancy program but the exercise will be targeted at managers as Britam cuts oversight roles trough digitization.
“The re-organization is expected to lead to a leaner executive team with fewer reporting layers that will support the company’s growth in an increasingly competitive business environment,” Britam said.
“The review of the organizational structure is also expected to significantly improve service standards, reduce corporate and shared service costs, reduce unnecessary overlaps, and put the customer at the center of the business.”
The reorganisation is the result of a business strategy review spearheaded by the Board, for the period 2021- 2025.The implementation of job cuts is expected to result in a leaner cost base for the company over the long term.
As part of the business review, Britam benchmarked and modelled its desired service levels against the most profitable organizations in the the world and the region.
Affected parties are expected to exit the regional insurer under a voluntary early retirement program (VER). The window is expected to close in May. Under the VER programme, exiting employees will receive an attractive package that is well above the industry average.
