In the News
Swinton closes branches as consumers move online
28th April 2017
Although there are macroeconomic implications, and negative multiplier effects associated with this news from Swinton Insurance, I think that it's more pertinent as a commentary on the changing nature of the market.
Swinton insurance to close 84 more branches and cut 900 jobs https://t.co/jJAgGaVR7t
— Guardian Business (@BusinessDesk) April 26, 2017
I was amazed to hear of how many branches that Swinton had, and how many it's closing. I don't think I've ever bought insurance in-branch. Over the phone, yes, at one time; online, increasingly, and then I occasionally use the phone to chase a better deal.
But it is clear that the market has changed and the online business model changes the cost structure of the firm reducing fixed costs. I hope that top year economists are able to discern what this means for the equilibrium level of output of a firm. It's not a straightforward as it seems.
Swinton Insurance to axe 900 UK jobs as 84 branches under review https://t.co/Ep7RVfSYzW
— Sky News (@SkyNews) April 26, 2017
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