Axa to focus on intermediaries and reduce headcount in major refocus
Axa Insurance is set to stop promoting its direct brand and emphasise intermediary sales as part of a major refocus of its personal insurance business. The insurer is also planning to reduce its head count by 700 by 2006, including another tranche of jobs being off shored to India.
Axa Insurance CEO Peter Hubbard said: "Our objective, in the personal insurance market, is to focus on our strengths, by channelling business through personal lines intermediaries and our business partners."The insurer, which is aiming to ensure a combined ratio of 100% by 2006, said that the move would impact the volume of work in its Darlington and Morecambe, with Axa anticipating 220 jobs to be lost over the next nine months.
However, the company stressed it still planned to underwrite 20,000
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