Swinton to cut 900 jobs as customers switch to online policies
Insurance broker Swinton says it is planning to cut 900 jobs - a third of its -workforce - in the UK by the end of the year.
It is reviewing 84 branches as 90% of its customers now purchase policies online or over the phone, Insurance Age reported.
The broker announced 130 branch closures in February last year and says the latest round of cuts are necessary because high street branches "no longer meets our customers’ needs."
Swinton chief executive Gilles Normand said: "We are reshaping our distribution model to ensure that we continue to meet the changing needs of our customers in an effective and efficient way.
"This change is difficult for all colleagues, especially those who are directly impacted by the proposals, but is vital if we are to remain competitive in a challenging insurance market."
The firm will now invest £45 million in enhanced IT and digital technology at a new head office and contact centre in Manchester.
Swinton will now begin a formal consultation with all employees affected by the proposals and deploy staff to other areas of the business where possible.