Zurich Australia will make staff cuts as part of a plan to restructure the investments and life businesses to aid a new three-year strategy for regional growth.
Company chief executive Colin Morgan said the refocus on the businesses investment distribution strategy and subsequent restructure will include staff cuts.
“These changes will see a small reduction in the number of sales and sales support roles along with the repositioning of some marketing functions,” Morgan said.
The move, which follows a routine review of capability in some areas of the business, will also include the creation of a new strategic accounts and research team.
The group plans to complete its period of consultation before addressing issues of recruitment for the new team.
“The changes will allow us to deepen our relationships with all key stakeholders at institutional and dealer group level,” Morgan said.
“Zurich recognises the importance of offering support to the wider independent financial adviser (IFA) community and will continue to provide market leading support to advisers in all states with a regionally based sales team.
“Once the changes fully come into effect, they will give Zurich greater flexibility and versatility to further respond to market and growth opportunities. Strategically, we will be better placed to develop products and services where they are most needed and of most benefit.”
The planned changes follow Zurich’s decision in February this year to merge its the executive general manager roles of its life and investment divisions.
The move resulted in Matthew Drennan’s position as being made redundant.
Although Drennan did not leave immediately, talks between Zurich and Drennen in April failed to result in the former executive general manager investments remaining with the group in a local or global capacity.
At the time, Morgan said the move was an effort to realign the group internally.
