According to a statement, Zurich said that the new structure is the acceleration and globalisation of work already underway in key markets like Switzerland, Germany and Italy, combining life and non-life under one leadership and applying a unified go-to-market approach.
Zurich will be organised in a structure in which the heads of regions (North America, Europe, Middle East and Africa, Latin America, and Asia Pacific), global corporate, farmers and investment management will report to the group chief executive, the statement said.
Zurich group chief executive Mario Greco said that the simplified structure will allow it to become more efficient and support the implementation of its communicated cost-reduction programs.
“This new organisation will be more agile and more accountable, with a clearer line of sight between the top of the company and the people looking after our customers,” Mr Greco said.
“We will see greater market focus and simplification, and deliver the transformation we need for future success in a disciplined way.”
Zurich has also announced that it is creating a new chief operating officer (COO) role, aimed at enhancing its ability to manage costs throughout the whole organisation.
It further added that the COO role reflects a new approach, combining responsibility for operations and technology with underwriting, claims, reinsurance, actuarial and pricing, and creates a unified sense of purpose and responsibility for technical excellence, efficiency and business transformation across all parts of the business.
As part of the restructure, Zurich chief operations and technology officer Robert Dickie has decided to step down by mutual agreement with the board of directors, and will leave the company in the coming months.
