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Kenya

Managers at Britam Targeted in Looming Job Cuts As Insurer Restructures

NAIROBI, Kenya, Mar 1- Britam Holdings Plc has announced that it will lay off some of its workers as part of a new organisational structure that it is currently implementing.

In a statement, the regional insurer says the reorganisation 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.

The move, which is the result of a business strategy review spearheaded by the Board, for the period 2021- 2025, will result in a more competitive, efficient and customer-centric organisation.

Additionally, it will gear the organisation for enhanced digital innovation in its solutions and in product development.

“The review of the organisational structure is also expected to significantly improve service standards, reduce corporate and shared service costs, reduce unnecessary overlaps and put the customer at the centre of the business,” the company said.

“The business realignment process will result in the elimination of some roles.”

Employees in the affected roles and positions are expected to exit the business under a Voluntary Early Retirement program.

Under the VER programme, exiting employees will receive an attractive package that is well above the industry average.

This process is expected to conclude at the end of May 2021.

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The insurer announced a Sh1.6 billion loss for the first six months of operations in 2020, plunging from a Sh1.7 billion profit posted in a similar period in 2019.

The company attributed the loss to the falling share values at the Nairobi Securities Exchange (NSE).

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