EMCC European Monitoring Centre on Change

Fennia

Company/Organisation:
Fennia

Geographic Location

Country: Finland
Region: Manner-Suomi

Company

Sector: Financial services
Financial and insurance activities
65.12 - Non-life insurance
Number Employed: 1000
Group: Fennia Group

Employment Effects

Announcement Date: 11-10-2021
Planned Job Reductions min: 137
Planned Job Reductions max: 137
Type of Restructuring: Internal restructuring

Additional Information

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. 

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