Critical Illness  

Jobs axed at fast-growing Guardian

Jobs axed at fast-growing Guardian

Guardian has announced it has made 12 redundancies, despite growing demand for its products and services.

The protection challenger said a number of other roles were in consultation in addition to the 12 job cuts, as it sought to "refocus the team".

In a statement, Guardian said: "The number of major distribution agreements we’ve secured in our first nine months of trading is an acceleration of our original business plan.

"With this rapid take-up, there has been an associated increase in onboarding and servicing requirements, so we’ve refocused the team to meet these new objectives."

The statement added: "We’ve been recruiting into operations and underwriting. However, because we are still a new entrant, to do this cost effectively, a small number of roles have been made redundant or are in consultation.

"These people changes reflect our new priority, which is to seamlessly onboard Guardian with each distributor and ensure a high level of service."

Peter Mann, executive chairman at Guardian, said: "We’ve been delighted by the market reaction to Guardian and the impressive number of strategic distribution agreements we’ve achieved.

"Because of this distribution success we are refocusing the team on what is now our top priority: a period of intense onboarding."

Guardian Financial Services entered the insurance market last year with the promise to "disturb the market"

Earlier this month, Guardian confirmed it had appointed Katya MacLean as interim chief executive, while Simon Davis stepped down to take a sabbatical for personal reasons. Ms MacLean had been the firm’s chief operating officer.

Former chairman Mr Mann has taken on Mr Davis’ duties as executive chairman.

Alan Lakey, founder of CI Expert, said: "Guardian currently offers a life and/or critical illness plan and it is one of the most comprehensive in the market.

"Additionally, it is the only insurer to promise to offer future improvements to policyholders and the only insurer to automatically segment its plan into separate life and separate critical illness plans, offering the potential for two separate payouts.

"The downside, as with any high quality product, is that it comes at a cost and many advisers still focus on cost rather than quality."

He added: "Guardian intends to offer income protection at some stage and this will ensure that it is seen as a protection provider as opposed to a CIC provider."

Ellie Duncan is a freelance journalist