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Allianz to Cut Up to 1,800 Jobs at European Unit, Citing AI Integration
Summary
German insurer Allianz SE plans to reduce its workforce by 1,500 to 1,800 positions at its Allianz Partners subsidiary in Europe. The company attributed the job cuts to the implementation of artificial intelligence solutions.
Allianz SE will cut between 1,500 and 1,800 jobs at its Allianz Partners subsidiary in Europe as it increasingly adopts artificial intelligence. The decision was announced by the unit's CEO, Tomas Kunzmann, during an event in Munich.
The job reductions will be managed through severance agreements, early retirement plans, and other similar options. Kunzmann noted that the company has been negotiating with works councils for the past six months and has extended voluntary leave offers in several countries, including Spain, France, Germany, Italy, and the Benelux region.
Allianz Partners, which employs over 22,000 people, had previously indicated that staffing levels could be affected by transformations driven by AI technology. The company confirmed that this technological shift is the reason for the current workforce reduction.
AdThe move reflects a broader trend in the industry. According to reports, Munich Re's primary insurance unit, Ergo, also plans to cut approximately 1,000 positions in Germany, partly due to the increased use of artificial intelligence.
Regarding the affected employees at Allianz Partners, Kunzmann stated, "This could happen to any of us at some point." He added, "We treat these colleagues exactly as is appropriate — fairly."