Provider aiming to streamline structure and save up to $250m.
Zurich Insurance Group is to cut up to 800 jobs throughout its global organisation, as part of its strategy to "streamline" its structure.
The provider said the plan would would "reduce both complexity and costs" and that the staff reduction would lead to annual run-rate savings of approximately $250m [£150m] by the end of 2015.
It also stated that customer-facing activities “will not be impacted”.
In a statement, Zurich claimed the initiative, which was announced following a comprehensive review, would “remove management layers between group and the business units”.
The insurer added: “It is designed to position the company for profitable growth, placing customers and their needs at the center of our business, and to drive one of the key strategic priorities set out in late 2013, which is growing operating earnings."
Martin Senn, Zurich CEO, commented: “We continue to make significant progress towards our strategic goal to make Zurich a focused and more profitable business.
“This latest initiative empowers our people to act decisively in delivering first-class services to our customers while also minimizing overheads. It will be implemented through a measured process, with employees supported at every stage of the transition.”
