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Co-op 125 years and Out
125 years after starting to sell endowment life insurance for the first time, the Co-operative has decided to change the way it operates and sells life assurance. They have copied their business partner Britannia and will now pull out of the business.
They will look to replicate the Britannia business model which is first partnered back in 2009. They are going to work with the French insurance company Axa to underwrite their life insurance offering.
This did not go down well with the Unions, as it means 750 door to door salesmen will be made redundant. One of the unions who have expressed unhappiness is the Unite Union.
David Fleming, Unite national officer, said: "Unite has expressed to Co-operative Financial Services (CFS) disagreement with the decision to cease to provide life assurance products. The 750 employees potentially affected by this news will be deeply concerned and upset. Unite has already made clear that the decision to cease to be a provider of life assurance products is a very sad and monumental moment in the history of CFS, formerly known to many as Co-operative Insurance Society, and the whole of the co-operative movement.
"Unite is now pushing for redeployment options wherever possible and, where this is not possible, for all involved to be treated fairly during the process," Fleming continued.
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