Britam Announces Retrenchment In Restructuring Move

Britam
[PHOTO/ COURTESY]

Insurance company Britam has announced job cuts in a restructuring move.

In a statement, the underwriter said that affected roles and positions are expected to exit the business under a voluntary early retirement program (VER), a process expected to close in May 2021.

“The re-organisation 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 stated.

Read: Tavaziva Madzinga Named New Britam CEO As Boardroom Wars Rage On

The most affected employees are those in the management cadre, as the underwriter seeks to revolutionise oversight through digitisation.

The company expects to cut operating costs through the exercise, which in 2019 grew by 12 per cent to Ksh31.8 billion from Ksh28.4 billion in 2018.

In 2019, Britam said that it supported over 900 direct jobs and a further 2000 roles held by contracted financial advisors.

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