IAG to cut 54 jobs, according to FSU

Insurance Australia Group (IAG) has announced plans to make 54 roles redundant. The news was revealed by the Financial Services Union (FSU), which provided a breakdown of the affected positions.

Out of the total number of roles being cut, 35 were from the finance department, and the remaining 19 were spread across various functions, including risk, technology, human resources, and Group People, Performance, and Reputation.

This restructuring comes as IAG aims to consolidate its group-level functions to better support its operating businesses in Australia and New Zealand.

The Financial Services Union (FSU) disclosed that IAG will make 54 roles redundant in total.

Among them, 35 positions will be from finance, and the remaining 19 will be from risk, technology, and human resources as part of the consolidation of group-level functions.

According to the FSU, out of the total 54 roles being made redundant, nine are from Group People, Performance, and Reputation, seven from Risk, and three from Technology and Operation.

In May, IAG had already hinted at the upcoming changes, stating its intention to consolidate group functions to provide enhanced support for its three operating businesses: Direct Insurance Australia, Intermediated Insurance Australia, and New Zealand. Additionally, the company confirmed the departure of Chief Insurance & Strategy Officer Tim Plant, who left on June 30.

Last week, an IAG spokesperson informed insuranceNEWS.com.au that the company is implementing additional measures to decrease complexity and streamline its business operations. This comes after staff were initially informed about the planned redundancies.

“We are consolidating specific corporate functions and transferring certain support services to our customer-facing divisions, aiming to enhance decision-making efficiency,” stated an IAG representative.

Baca juga  15 Panduan Praktis Membangun Bisnis Online dari Nol

In late 2020, CEO Nick Hawkins commenced his tenure by announcing a significant restructure, dividing IAG’s Australia division into separate direct and intermediated divisions.

IAG operates under several well-known brands, including NRMA Insurance, CGU, SGIO, SGIC, Swann Insurance, and WFI.

These brands cater to different market segments and provide various insurance solutions, such as car insurance, home insurance, business insurance, and travel insurance.

The company’s operations extend beyond Australia and New Zealand, with a presence in Asia through its businesses in Thailand, Vietnam, Indonesia, and Malaysia.

IAG’s focus on customer satisfaction, risk management, and sustainable business practices has contributed to its prominence in the insurance industry. The company is committed to supporting its customers, protecting their assets, and providing financial security in times of need.

Source : insurancenews.com.au