Up to 140 people could be affected by LV redundancies due to the firm’s new restructuring plans.
The UK-based insurer has put forward a change to the claims team. As a result, this may affect the offices in Bournemouth, Ipswich and Leeds and put jobs at risk. Jobs affected will only relate to the General Insurance business.
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However, it is said that the vast majority of those affected will be offered other roles.
Martin Milliner, claims director for LV= General Insurance, said: “The motor insurance industry is changing fast and customer expectations are increasing. To make sure our customers stay at the heart of what we do and that we keep pace with our competitors, we need to adapt and improve our claims handling processes, so we’re proposing to make some changes.
“As a result of these proposals, we’ve had to make the difficult decision to put the people who work in certain teams at risk. These changes will affect around 140 people, less than 10% of the overall Claims team, but we will be able to offer the vast majority of those affected other opportunities in our business and keep unwanted redundancies to an absolute minimum. The people affected work in our Bournemouth, Ipswich and Leeds offices. These sorts of decisions are never easy to make and we’ll be doing everything we can to give our people all the support they need.”
The business, Britain’s biggest friendly society, currently employs around 2,000 people in its three buildings.
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By GlobalDataLV redundancies
The firm has history of this. In September 2017, it revealed it had axed 400 jobs group-wide during the previous 12 months as part of its strategy to save over £40m in operational expenses by the year after.
While announcing its first-half 2017 results, the British insurer said that the number of full-time employees had decreased by almost 400, which equates to about 6% of the total employee strength of the group.
In order to reduce the headcount, LV did not recruit new staff for the positions vacated by the departing employees.
At the time, LV= Group CEO Richard Rowney said: “ Over the last two years we have invested over £80m in improving our core systems and developing new digital propositions such as our robo-advice service, Retirement Wizard.
“Our continued investment in digital initiatives is enabling us to both reduce costs and improve productivity. At the same time we are improving customer satisfaction levels and we remain the UK’s most trusted, most recommended and best loved insurer.
“This combination of factors underpins the growth in both our trading businesses and together with the significant capital strengthening actions underway leaves the Group well positioned for the future.”
