Munich Re’s primary insurance unit ERGO aims to cut about 1,000 positions in Germany, partly as a result of its increased use of artificial intelligence.
The cuts affect simple and repetitive tasks in telephony and claims processing, a spokesman said on Tuesday. They will take place over five years through the end of 2030, with ERGO saying there will be no forced redundancies during this time.
Companies in the finance industry are increasingly using AI to speed up services and cut costs. Late last year, ING Groep NV said almost 1,000 positions are at risk in response to “digitalization, AI, and evolving customer needs.” A unit of German insurer Allianz SE said it was assessing how to leverage AI in the coming years, following reports on job cuts.
Munich Re said in December it plans to reduce complexity and gradually increase annual cost savings to approximately €600 million ($710 million) by 2030 to soften inflation-driven cost increases.
Apart from the job cuts, ERGO also aims to retrain as many as 500 employees over two years with the goal to give them other positions within the company, especially in growth areas like retirement planning.
ERGO employs about 15,000 people in Germany. Handelsblatt first reported the job cuts, citing an interview with ERGO’s head of HR.
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Topics
InsurTech
Data Driven
Artificial Intelligence
Talent
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