New Delhi, October 2: Insurance company IAG will reportedly lay off around 200 employees as part of restructuring efforts to streamline operations. As per reports, the job cuts may involve its Direct Insurance Australia and Intermediated Insurance Australia divisions. IAG Limited, also known as Insurance Australia Group Limited likely to optimise its workforce to manage costs and improve the company's performance.

As per a report of The Australian, IAG has informed the Financial Services Union (FSU) about the upcoming job cuts. The layoffs will likely affect around 214 employees across various divisions within its Australian operations. These job cuts may impact roles within the Direct Insurance Australia and Intermediated Insurance Australia divisions. Samsung Layoffs: Tech Giant Cutting Thousands of Overseas Jobs To Improve Overall Efficiency, Starting From Southeast Asia to Australia and New Zealand.

The job cuts are expected to impact employees in positions with digital business operations, manage direct claims, handle distribution, and oversee underwriting. These changes could lead to a shift in the workforce, particularly for employees involved in these specific functions.

According to a report of news.com.au, Julia Angrisano, the national secretary of the FSU, stated that there is no reason for the job cuts since the company announced strong profits for the 2024 financial year. Angrisano also reportedly stated, “The IAG Board have chosen to put profits ahead of their workers and in doing so are disrespecting loyal IAG staff who’ve stuck by the insurer in tough times." Pfizer Layoffs: US-Based Multinational Pharma Giant To Cut 210 Manufacturing Jobs in Ireland as a Part of USD 4 Billion Cost-Cutting Plan.

An IAG spokesperson has reportedly mentioned that the job cuts are part of planned changes in the company's structure. These changes come after the company combined its Customer Growth and Distribution departments in March and moved the Partners and Platforms team into Retail Insurance Australia in August. According to reports, these proposed changes will likely organise teams under a new structure to create efficient processes that may help the business to better serve and support its customers.

(The above story first appeared on LatestLY on Oct 02, 2024 11:53 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).