The pressure on life assurers was starkly laid out with the announcements yesterday of another 1,330 job cuts in the industry, the FT reports.
The cuts, at Royal London and Norwich Union, are the result of a need to run a “more flexible model”, according to the latter company. Royal London’s decision to cut its direct sales staff just makes it the next in a line of firms that have taken similar decisions. The Daily Telegraph adds RL had a direct sales force of about 2,000 people some ten years ago, but this route to clients added just 7% to the group’s turnover last year. ”Door-to-door sales forces have been abolished by most of Britain's life insurers, including Pearl, which closed its 1,000-strong sales force last year....
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