Allianz SE plans to eliminate hundreds of positions at its assistance and travel insurance subsidiary Allianz Partners as the company pushes forward with implementing artificial intelligence solutions.
The cuts, which are expected to take the form of severance agreements, early retirements, and similar options, will amount to between 1,500 and 1,800 positions across Europe, according to unit chief executive officer Tomas Kunzmann, who spoke at an event in Munich.
“Over the past six months, we have negotiated with our colleagues on the works councils,” Kunzmann said, adding that voluntary leave offers had been extended in Spain, France, Germany, Italy, and the Benelux countries.
Allianz Partners, which employs more than 22,000 people, has previously warned that staffing levels could be impacted by AI-driven transformations, and cited the technology as a reason for the current cuts.
Concerns about how AI will transform work are growing across industries as vast sums of money are directed into the technology. Bloomberg Economics estimates that 27% of workers in advanced economies are likely to be meaningfully affected by AI.
Allianz Partners is not alone among insurers navigating this shift. 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.
“This could happen to any of us at some point,” Kunzmann said of the Allianz Partners cuts. “We treat these colleagues exactly as is appropriate — fairly.”
Photograph: Allianz logo. Photo credit: Krisztian Bocsi/Bloomberg
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