Europe - Technology threatens 250,000 insurance jobs
Saturday, 04 09 2016, Category: Insurance and Reinsurance, Country: Europe
The rush is on to replace people with software in Europe's insurance industry as cost cutting and automation become increasingly crucial to bolstering earnings.
Zurich Insurance Group AG is accelerating its cost reduction program, targeting savings of at least Euro 1 billion ($1.33 billion) by the end of 2018 with changes that will affect about 8000 jobs. Talanx AG is spending 300 million euros ($455 million) to upgrade technology at its German unit over the next four years after outmoded systems left frustrated customers with expired car registrations. Allianz SE's modernisation includes plans to allow customers to file small auto claims using pictures from their smartphones.
Source: Financial Review