In March 2020 life insurance companies reduced sales by 32.2% compared to the same period last year. Experts believe that due to a drop in sales, insurers will start saving on office maintenance and reducing the number of branch offices. The branches with low productivity will be selected at the initial stage. Audit of each office in major cities will be carried out later.
Insiders informed Moneycontrol that job loss was inevitable for some market employees. The head of the human resources department of an average life insurance company is confident that up to 70% of employees in regional branches will be reduced by the year end. “There are several people in each branch office whose roles will become redundant after the unit closure. These people will have to look for work,” the source who did not wish to be named added.
Photos are from open sources.