Zurich Australia is now focused on its three-year growth strategy following the announcement of a company restructure last week.
The main emphasis was now on what the business would look like in 2015, company chief executive Colin Morgan said.
“We’ve been having a look at our structure to make sure it is the right one in terms of the economic climate, where the segment is going to go and how distribution is working,” Morgan told InvestorDaily.
“We have essentially finetuned one area of the business. Essentially we’re beefing up our key accounts team and we’re recruiting for three new positions in that area.
“The most immediate focus is making sure that we’re well equipped to make sure we’re growing in the right areas and at the right speed.”
He said the company’s three-year growth plans included boosting its presence in the investment and group risk sides of the business.
“For the last couple of years we have really cleaned up our balance sheets. We have now disposed of what we felt were non-core assets,” he said.
Zurich sold its holding in IOOF’s DKN Financial Group late last year and sold its research division, Lonsec, to Financial Research Holdings in June 2011.
Last week, the company announced its plans for a business restructure to aid its three-year regional growth strategy.
Morgan at the time said the refocus on the business’s investment distribution strategy and subsequent restructure would 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,” he 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.
“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,” Morgan said.
The planned changes follow Zurich’s decision in February to merge the executive general manager roles of its life and investment divisions.
The move resulted in Matthew Drennan’s position being made redundant.
Although he did not leave immediately, talks between Zurich and Drennen in April failed to result in the former executive general manager of 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.
