IAG reshuffle may result in job losses

IAG, which stands for Insurance Australia Group, has undertaken a reshuffle that may result in job losses. The company is making changes in its corporate functions to foster closer collaboration between support services and customer-facing divisions.

As part of this restructuring, certain group-level functions, such as HR and finance, are being moved into the direct and intermediated divisions. This move could potentially lead to a “small number” of job losses within the organization.

The changes were foreshadowed when Chief Insurance & Strategy Officer Tim Plant’s departure was announced in May. IAG aims to drive growth and profitability through this consolidation and simplification of its business operations.

While the impacted employees are being consulted during this process, no senior executives or frontline customer-facing roles are affected. The company expressed its commitment to supporting the affected employees during this challenging time.

IAG has announced a consolidation of corporate functions to enhance collaboration between support services and customer-facing divisions.

According to insuranceNEWS.com.au, certain group-level functions like HR and finance are being relocated to the direct and intermediated divisions, possibly leading to a “small number” of job losses.

In 2020, the insurer undertook a significant restructure by dividing its Australia division into direct and intermediated divisions with the aim of driving growth and profitability. This move was announced by CEO Nick Hawkins on his first day in the role.

This week, staff were informed about the recent changes, which were hinted at in May when the departure of Chief Insurance & Strategy Officer Tim Plant was disclosed.

Following Mr. Plant’s departure from the business on June 30, the company announced its plan to “consolidate its group functions” to provide enhanced support to its three operating businesses: Direct Insurance Australia, Intermediated Insurance Australia, and New Zealand.

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An IAG spokesperson informed insuranceNEWS.com.au today that the company has made several changes in recent years to prioritize its core insurance business and deliver the best service and support to its customers.

“As part of this initiative, we are implementing extra measures to simplify our business operations and enhance efficiency.”

“We are consolidating specific corporate functions and integrating certain support services into our customer-facing divisions.”

“This will enhance decision-making efficiency and enable us to consistently meet customer expectations.”

The affected employees are currently undergoing consultations, but no senior executives or frontline customer-facing positions are impacted.

“The well-being of these employees is our top priority, and we recognize that this is a challenging time for them,” the spokesman further stated.

Source : insurancenews.com.au