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.
Affected parties are expected to exit the regional insurer under a voluntary early retirement program (VER). The window will close is expected to close in May.
“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 realignment of operations is part of Britam’s business review which runs till 2025.
“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 insurer has not specified the number of roles targeted in the strategy review spearheaded by the Board.
Meanwhile, Absa Bank Kenya is also set to let go of at least 100 senior staffers as the lender realigns business.
This comes two months after the lender released hundreds of junior employees in a Voluntary Exit Scheme (NES) that is aimed at cutting costs.
“Last month, I announced a Voluntary Exit Scheme (NES) via a Circular dated November 25, 2020. We have reviewed all VES applications and the process is in its final stages. I take this opportunity to thank all Colleagues that volunteered to participate in the scheme. We were however not in a position to accommodate all Colleagues who applied for the VES due to business priorities aligned to their roles We appreciate that those who were unsuccessful will be disappointed but sincerely hope that they will take this as an endorsement of their contribution to the success of the business,” said managing director Jeremy Awori in December 2020.