LV= General Insurance has revealed that around 600 jobs of the 4,300 roles in the company will be impacted by the restructuring plans to reshape its business over the next two and half years.
The changes are aimed at providing the company with more operational efficiency and to position it for the future.
The UK-based insurer said that redundancies will be phased in line with the planned changes and will be minimised where possible by finding suitable redeployment opportunities.
Additionally, as part of the changes to the existing Claims function in LV= GI, the office space in Ipswich where employees from Claims work, will be reduced.
These changes are being proposed to ensure there is a greater focus on customer service and technical capabilities, noted the company.
Commenting on the new development, LV= General Insurance CEO Steve Treloar said: “It’s never easy making these decisions and we understand that the changes we’re proposing will be difficult for some, which is why we’re working extremely closely with our people to make sure they get all the support they need.
“However, while this news is undoubtedly difficult for some, we’re making these changes because we recognise that in order for us to thrive as a business in future we need to be set up in the best possible way and in making these changes we can ensure we achieve that.”
The plans follow the company’s acquisition of the general insurance business from L&G in January this year and attempts to fully integrate the business into LV= GI.
Last year, German insurer Allianz agreed to buy the general insurance operations of LV= as well as that of Legal & General L&G to further strengthen its presence in the UK.