The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Insurance, Reinsurance And Pension Funding, Except Compulsory Social Security 65.12 - Non-life insurance
137 jobs Number of planned job losses
Announcement Date
11 October 2021
Employment effect (start)
Foreseen end date
Description
Finnish insurance company, Fennia, will start co-operation negotiations covering approximately 530 employees in the non-life insurance business. Up to 137 job positions may be cut down.
According to the company, the aim of restructuring is to streamline their business in order to improve customer experience and profitability, as the number of physical customer visits has decreased significantly over the years as customers have switched to digital channels. The company says that efforts are being made to limit possible staff reductions to new positions.
According to Fennia’s Chief Operating Officer of non-life insurance business, customers expect more and more digital and real-time insurance services from the company. Fennia is developing new products and making the most extensive investments in its history, while also taking care of the company’s profitability.
Fennia Group has around 1,000 employees in 30 different locations all over Finland.
11 October 2021: Fennia [press release] (www.fennia.fi)
Citation
Eurofound (2021), Fennia, Internal restructuring in Finland, factsheet number 105415, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/105415.
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