Zurich UK simplifies business structure for future sucess Donnerstag, 19. Januar 2017 - 19:35

- Life and General Insurance brought together under single leadership team
- Insurer confirms new market-focused, integrated approach to leverage its scale
- Integration expected to lead to a reduction of around 240 primarily non-market facing jobs

Zurich today confirms a new UK structure with senior appointments across its business. This follows plans announced last year that Life and General Insurance would be brought together under a single leadership team, and the appointment of a UK CEO in November.

This new simpler UK structure, effective immediately, mirrors work underway across Zurich Insurance Group to reshape the business for future success and strengthen customer relationships. 


Commenting on these changes, UK CEO Tulsi Naidu, said: 

“We have built a truly integrated and diverse executive team promptly, and one with significant experience in our markets. We want to continue our market leadership in some areas and take advantage of opportunities to grow in others, making a strong business stronger still. It will be very much business as usual from a market standpoint as we simplify our structure. 

“We have an outstanding commercial insurance offering, great life propositions but an underdeveloped presence serving retail and small business insurance customers. We have fantastic momentum in our business and I see opportunity for us to succeed in all our markets by taking a very customer focused approach. 

“This integration does mean that proposals are underway to remove some roles from the UK business. Making these decisions is never done lightly, but the steps we are undertaking will make us sustainable in a highly competitive market - creating a platform for growth”. 


What does the new structure look like?

As the first step to bring its Life and General Insurance businesses together, a new single UK Executive team has been put in place to ensure Zurich remains focused on each of its markets.


Commercial Insurance

In line with the rest of the Group, there will be a single Commercial Insurance unit, which will be led by Vinicio Cellerini. This brings together Zurich’s commercial offerings into one market -focused entity. 

This new unit combines the best of both its former Commercial Broker and Global Corporate UK businesses, bringing significant scale, powerful broker relationships, market-leading technical excellence and high-quality underwriting talent to the market. 

Zurich Municipal will continue to be run by Andrew Jepp and will remain a distinct proposition to reflect its unique place in the market.


Retail Insurance

Conor Brennan becomes responsible for a newly created Retail General Insurance unit where there are particular opportunities for growth. This means a focus on driving performance and innovation. The new unit incorporates personal lines, SME business and specialist propositions such as Navigators & General and Zurich Private Clients. 


Life 

Similarly, Zurich Life has been simplified around two organisational units, Life Distribution and Life Manufacturing. This enables faster decision-making, streamlined processes and a more responsive approach to the market. These changes will help to ensure the Life business area continues to grow successfully. 

As well as continuing in her role as Head of Life with regulatory responsibility for the Life legal entities, Anne Torry will take on additional responsibilities in working with Tulsi to reshape the UK business. 

David White becomes Head of Life Distribution, bringing together all UK Life routes to market including Retail Protection, Retail platform, Corporate Savings, Corporate Risk and Zurich FutureYou. Jim Sykes has been appointed Head of Life Manufacturing, taking responsibility for product management, post-sales customer service, oversight of outsourced services and core business activities such as underwriting policy. 


Job reductions

These changes mean proposals are underway to remove around 240 jobs from the UK business as functions are aligned. Consultation has begun with employees on these proposals. While making these decisions is never done lightly, Zurich is committed to sharing the conclusion of these proposals with employees first.

It is anticipated that roles will be largely removed from back office and non-market facing areas, such as finance, operations and marketing. These functions have in part been run separately for Life and General Insurance in the past, and there are roles which can be merged.

ENDS

Notes to Editors

Zurich in the UK Zurich provides a suite of general insurance and life insurance products to retail and corporate customers.

We supply personal, commercial and local authority insurance through a number of distribution channels, and offer a range of personal protection, pensions and investment policies available through financial intermediaries. We also provide protection and pensions policies for the corporate market available through employee benefit consultants.

Specialist student and young person insurance provider Endsleigh has been wholly-owned by Zurich since 2007 and remains the only insurance brand recommended by NUS. Endsleigh offers a range of motor, home, travel and gadget cover and more information can be found here.

Based at around 20 locations across the UK - with large sites in Birmingham, Cheltenham, Farnborough, Glasgow, London, Swindon and Whiteley - Zurich employs approximately 6,000 people in the UK.

Corporate Responsibility is an integral part of how we do business and Zurich understands the need to set and maintain high standards of integrity towards our customers, employees, local communities, society and the environment. As a result of this work, Zurich holds the Business in the Community's ‘CommunityMark’. This award is the UK's only national standard that publicly recognises excellence in community investment which in Zurich's case is mainly delivered by the Zurich Community Trust, the charitable arm of Zurich in the UK. For more information about the Zurich's commitment to Corporate Responsibility and the Trust's work, please visit our website here.

Zurich Globally

Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. With around 55,000 employees, it provides a wide range of general insurance and life insurance products and services. Zurich’s customers include individuals, small businesses, and mid-sized and large companies, including multinational corporations, in more than 170 countries. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information about Zurich is available at www.zurich.com.

*Zurich’s Life business is operated primarily through two entities in the UK: Zurich Assurance Ltd and Sterling ISA Managers Ltd. Zurich Assurance Ltd is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Sterling ISA Managers Limited is authorised and regulated by the Financial Conduct Authority.

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