Britam Holdings, one of East Africa’s largest insurance companies, has announced a new organizational restructure that targets the executive team.
According to a public statement released by the insurer, the restructuring will lead to a leaner executive team with fewer reporting layers and thereby support Britam’s expansion in the highly competitive insurance business.
Britam aims to be “a more competitive, efficient and customer-centric organization” through the restructuring process.
The announcement comes exactly one month after the company got a new managing director, Tavaziva Madzinga, following the exit of Benson Wairegi who served as the Group Managing Director for more than 26 years.
“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 (VER) program,” said Britam.
The organizational restructure is part of Britam’s business strategy review for the period 2021- 2025, which aims to reduce operational expenses, eliminate unnecessary overlaps, and put the customer at the centre of the business.
The process is expected to begin in the coming weeks and to be finalized by the end of May 2021. Britam Holdings says that the affected employees will receive an attractive exit package that is above the industry average.
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