Norwich Union shedding 500 jobs

Up to 500 insurance jobs are set to go after Norwich Union confirmed today it would be outsourcing two of its operations currently based at its centre in York.

Up to 500 insurance jobs are set to go after Norwich Union confirmed today it would be outsourcing two of its operations currently based at its centre in York.

The firm has announced it is planning to transfer work in the city to partner firms in Basildon, Essex and in Glasgow.

The insurer confirmed these operations involved up to 500 staff but said it was too early to say exactly how many redundancies would have to be made in Yorkshire.

Chief executive of Norwich Union Life Mark Hodges said: “It is too early to give an indication of the likely number of redundancies for both of these partnerships and we understand that this causes uncertainty for staff.

“Our priority will be to keep employees fully informed throughout this process and we will do everything we can to minimise the impact of this decision.

“We have built up valuable experience and knowledge in these areas and will seek to minimise any impact through natural turnover, not filling vacancies and redeployment where possible.”

The company said it was outsourcing the back office administration for its Lifetime wrap IT platform to Scottish Friendly in Glasgow.

The Lifetime wrap department, which administers investors’ portfolios online, currently employs 300 people in York.

The other department affected is its collective investments administration unit, which employs 200 people in the city, which will be outsourced to International Financial Data Services, in Basildon.

Mr Hodges said: “We are announcing two key partnerships today which form part of our overall strategy to simplify operations, reduce costs and focus on new opportunities for growth.

“We will be making significant investments in our IT infrastructure over the course of the next three to five years to recognise the changing needs of the mass affluent customer who wants to do business with us online. This will focus on delivering more online solutions and product features.”

The gloomy news follow a series of job loss announcements which have hit York over the past few years.

Norwich Union itself has shed hundreds of workers as have local chocolate makers Terry’s and Nestle.

More in this section

The Business Hub
Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Sign up
Puzzles logo
IE-logo

Puzzles hub

Visit our brain gym where you will find simple and cryptic crosswords, sudoku puzzles and much more. Updated at midnight every day.

Lunchtime
News Wrap

A lunchtime summary of content highlights on the Irish Examiner website. Delivered at 1pm each day.

Sign up
Revoiced
Newsletter

Our Covid-free newsletter brings together some of the best bits from irishexaminer.com, as chosen by our editor, direct to your inbox every Monday.

Sign up