Market Starts to Stabilise

As we lead into RDR it is interesting how many of the product providers are jostling for position.
This month’s announcement by Zurich that it is going to reduce its UK distribution and marketing team by around 60 roles and close 5 branches may not come as much of a surprise for many.
Less than two years ago when most Companies were trimming their sales forces for recession, Zurich stood almost alone in undertaking a massive sales force expansion. At that time it  looked out of line with its competitors and it has now announced it is reducing these in addition to closing several regions and reducing the number of Regional Sales Managers.
However, Zurich appears to be the last of a long line of product providers reducing its sales force as we head out of recession and most companies are now in the process of stabilising.
2009 and 2010 were characterised by sales force reduction and realignment. In most cases now, the sales teams are home based and consist of highly qualified, technically able individuals who can add value to their IFAs. It is also clear that Companies which restructured first are those that are now beginning to expand.

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