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Norwich Union to cut up to 1800 jobs

Norwich Union Insurance will make up to 1800 redundancies by the end of 2010 as part of a cost-cutting transformation programme.

Over the next two years the firm will withdraw from 22 of its 52 operations across the UK. It will bring them together in seven new “centres of excellence” in Norwich, Perth, Bishopbriggs, Stretford, Manchester, Leicester and Southend.

Chief executive Igal Mayer says: “We are a very strong business that has grown over the years into a complex organisation. We want to deliver excellent, consistent and reliable customer service with market leading efficiency. To achieve this we will need to fundamentally simplify our business, consolidating our expertise into seven insurance centres of the future in the UK.”

Mayer says the centres will be “high-tech, modern and flexible” and will provide the firm’s employees with the products, processes and technology to give customers and business partners excellent service.

He says: “What we are announcing today represents significant operational change but I am convinced we are on the right course and that we have the best people working on delivering the right products and processes to service our customers and partners well.”


Cracking the Crunch, By Richard Farr, director at the Association of Mortgage Intermediaries

The Association of Mortgage Intermediaries believes the market has lost the power to heal itself. Market participants have insufficient ability to address the underlying fault lines – and running through the sub-strata is a thread of commercial advantage being played out as some institutions seek to remodel the market for their own benefit. What the market cannot solve, public policy must, if consumers are not to be the main losers.


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