Zurich Insurance may be cutting as many as 200 jobs at its Switzerland headquarters to streamline its finance department.
While a Swiss finance website reported that 200 jobs could be eliminated, a Zurich spokesperson said that no figures had yet been announced and that it was too early to say how many employees might be eliminated, according to a Nasdaq report.
The cuts could push Zurich toward its cost-cutting goals. In November, Zurich CEO Mario Greco announced that he wanted the company to generate net savings of US$1.5 billion over 2015’s levels by 2019.
Other cost-cutting measures include introducing artificial intelligence into claims decisions. Zurich Chairman Tom de Swaan told Reuters in July that introducing AI into the process saved the insurer 40,000 work hours.
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