Zurich has restructured
its UK life business to focus around three core areas: corporate,
retail, and in-force – instead of previously being more aligned
along product lines or propositions.
The corporate area
comprises Zurich’s corporate savings and corporate risk business
units, to be led by Simon Foster as the new head of corporate. The
new structure will take effect from 31 July 2012.
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Simon, who is currently
head of Zurich Corporate Savings, will be responsible for all
aspects of the corporate business area.
Retail covers Zurich’s
intermediated retail proposition, including its actively-marketed
life, pensions and investment proposition and its retail platform
supporting financial advisers.
Gary Shaughnessy, CEO of
Zurich’s UK Life operation, will be the interim head of retail
until a permanent successor is appointed.
In-force incorporates
responsibility for Zurich’s existing propositions and products
designed for the market pre-Retail Distribution
Review. Alastair Beveridge will continue in
his current role as head of in-force management.
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By GlobalDataShaughnessy, who took
over as CEO of Zurich UK Life in June, said the restructuring was
the next step in its evolution to ensure it continues to meet the
needs of its customers and partners and build a market-leading
position.
Post-RDR world
“By-re-shaping our
business, we are ensuring that we are well placed to drive strong
and profitable growth across the company whilst at the same time
delivering for our customers and our people in a post RDR world,”
said Shaughnessy.
Other senior management
changes resulting from the re-alignment include the introduction of
a new head of propositions role, forming part of the executive team
and reporting directly to the CEO.
Peter Hamilton,
currently head of protection proposition at Zurich UK Life, will
assume the head of propositions role on an interim basis until a
permanent appointment is made.
Richard Howells,
intermediary sales director at Zurich UK Life, will remain on
the executive team, with a reporting line change into the new head
of retail.
Other senior management
changes resulting from the restructuring include the introduction
of a new head of propositions role, forming part of the executive
team and reporting directly to the CEO.
Zurich UK Life also
announced that after nine years with the business, David
Etherington has decided to leave Zurich and will be stepping down
from his role as chief growth officer at the end of July. The role
of chief growth officer will not be retained
Etherington, however,
will stay with the business until the retail platform is launched
later this year.
