Business

LV=General reveals 600 jobs could be lost in restructuring

LV= General Insurance (LV= GI), has warned that around 600 jobs could be lost through proposals to reshape its business over the next 2.5 years to enable it to operate “more efficiently and be well positioned for the future”.

LV=GI said following the acquisition of the general insurance business from L&G in January 2020, it’s proposed that this part of the business will now be fully integrated into LV= GI.

At the same time, changes to the existing Claims function in LV= GI are being proposed to ensure there is a “greater focus” on customer service and technical capabilities. It is expected that the office space in Ipswich where employees from Claims work will be reduced.

By making these changes, LV= GI said it will be able to strengthen the service it provides to customers, building upon its “heritage of providing customers with award winning products and services”.

It also revealed that employees have been made aware of the changes and where possible redundancies will be minimised by finding suitable redeployment opportunities and through natural attrition.

Steve Treloar, CEO of LV= General Insurance, said: “It’s never easy making these decisions and we understand that the changes we’re proposing will be difficult for some, which is why we’re working extremely closely with our people to make sure they get all the support they need. It’s also important to reiterate that these changes will take place over the next 2.5 years and we’re hoping to minimise redundancies.

“However, while this news is undoubtedly difficult for some, we’re making these changes because we recognise that in order for us to thrive as a business in future we need to be set up in the best possible way and in making these changes we can ensure we achieve that.”

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