Future Generali Life, the private life insurer promoted by the Kishore Biyani-led Future Group, has undertaken extensive restructuring since April. That has seen its workforce reduce by a third and the closure of 30 per cent of its branch network. The downsizing is a direct fall-out of the slowdown in the business and the promoter's plan to sell stake in the life insurance business.
According to reports company has abolished the positions of zonal heads and channel heads and significantly reduced the number of regional managers, area managers, branch managers and sales managers. There have been several exits at the senior management level, which includes the chief marketing manager, the head of the agency channel and others. The insurer has reduced branches by 55 since April, to 125 from 180 on March 31. As on April 30, the total headcount stood at 2,750, compared to 3,150 a month ago.
Source: Business Standard