Groupama's Lloyd Hanks has denied that Groupama is planning to cull its intermediary base following Axa's decision to cut 2,500 small-time insurance sellers.
Hanks said Groupama had only a handful of small agents out of its 5,500 broker base but all of them sold insurance as their main business. Axa was culling those who sold insurance as an add-on service and not their core business.
Groupama confirmed that it had joined the General Insurance Standards Council (GISC) and would abide by its rules, including rule 42, which would force the firm to cease trading with non-GISC intermediaries.
