QBE brokers will tomorrow find out what impact QBE's decision to offshore 700 jobs to the Philippines will have on their business.
According to the Australian Financial Review, QBE plans to implement the strategy as part of plans to streamline the business and achieve cost-savings of S200m.
QBE today declined to comment on fresh speculation but the group chief executive John Neal will discuss the insurer’s cost-saving strategy at QBE’s full year results briefing tomorrow.
The insurer has made it clear, in the past, it plans to reduce annual operating costs by more than $200m in the coming years.
Last month a QBE spokesman said this would be achieved through a range of initiatives including “working more closely across the 52 countries in which QBE employees are based”.
The spokesman added: "We are unable to respond in detail to reports about staff changes as QBE is in the process of reviewing our operations. No final position has been reached. Any changes resulting from the review will be predominantly managed through a combination of natural staff turnover and staff redeployment."