Many of you will have heard of Direct Line – the insurance company that has been around for many years. It sells insurance including its own brand car insurance. However, until recently, it did not advertise its products on price comparison websites. Well, it has recently announced in the region of 550 job cuts planned for next year.
When you consider that the company has in the region of 9,000 staff on its books that equates to around 6% of its workforce. That equates to about 6% of employees. Some of the job losses actually relate to vacancies that are not going to be filled.
The company is apparently looking to save around £50 million in 2025 with the above job losses presumably going some way to help achieve the above monetary saving.
An interesting statistic is that the number of car insurance policyholders with Direct Line as at the end of September 2024 amounted to in the region of 3.05 million with this figure being almost 400,000 fewer than at the same time in 2023. That equates to a drop of around 11%. We are sure that you will agree that is a sizeable fall and potentially something that could concern the company.
Over a number of years Direct Line built a reputation for selling the likes of its car insurance but not advertising it on price comparison websites. However, in July 2024, it announced that it was to sell motor insurance through price comparison websites.
Presumably, the insurance company will be hoping that that decision will result in a turnaround in the company’s fortunes. After all, you will probably be aware that there is a huge amount of competition amongst insurance companies for car insurance and other types of motor insurance. Such competition should potentially be beneficial to motorists looking to insure his or her car.
If you are looking for a quote for car insurance why not get in contact with us. We provide you with access to a panel of insurance providers who will be happy to provide a quotation to insure your car with absolutely no obligation to proceed. We look forward to hopefully doing business with you.
