In UK financial service sector market, Northampton Insurance Company (NIC) is one of the largest financial services companies. This is much evident on the premise of the 7 million customers locally, an asset base of £34 billion with an average number of employees of about 12,000. In addition to that, in the financial year that ended 2007 NIC had an income of £ 4.17 billion. However, this seen success story seems to be in danger, since the firm has some foreseen difficulties that are deeply rooted in the Human Resources management practices.
Insurance firms, by intermediaries or directly, sell their goods. Insurance agents are authorized on behalf of insurance companies to do business. Insurance agents, on the other hand, work with the policyholder in the insurance process and operate on the client’s behalf.
On this ground, the challenges are in terms of recruitment, selection, and retention. In addition, organizational culture is stifled which does not facilitate innovation, motivation, and also the work conditions that need to be addressed properly to put back the firm prospects. Therefore in that perspective, this HR strategy for NIC shall address these HR management challenges.