Zurich plans HQ job cuts

The insurer may eliminate the jobs in service of its cost-cutting goals

Zurich plans HQ job cuts

Insurance News

By Ryan Smith

Zurich Insurance may be cutting as many as 200 jobs at its Switzerland headquarters to streamline its finance department.

While a Swiss finance website reported that 200 jobs could be eliminated, a Zurich spokesperson said that no figures had yet been announced and that it was too early to say how many employees might be eliminated, according to a Nasdaq report.

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The cuts could push Zurich toward its cost-cutting goals. In November, Zurich CEO Mario Greco announced that he wanted the company to generate net savings of $1.5 billion over 2015’s levels by 2019.

Other cost-cutting measures include introducing artificial intelligence into claims decisions. Zurich Chairman Tom de Swaan told Reuters in July that introducing AI into the process saved the insurer 40,000 work hours.


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Zurich introduces AI into claims decisions
Major insurer’s profits fall, but CFO says $1.5bn of cost-cutting 'absolutely achievable'

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