LV= General Insurance (LV= GI), one of the largest personal lines insurers in the UK, has today announced 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.
Following the acquisition of the general insurance business from Fairmead 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 will be able to strengthen the service it provides to customers, building upon its heritage of providing customers with award winning products and services.
These changes will take place over the next 2.5 years and it’s expected that around 600 of the 4300 roles in LV= GI could be impacted and any redundancies will be phased over this time period. Employees have been made aware of these changes today and where possible redundancies will be minimised by finding suitable redeployment opportunities and through natural attrition.
Commenting on the news, 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.”
About Liverpool Victoria General Insurance Group Limited
- LV= General Insurance provides car, home, pet, travel, landlord breakdown and home emergency insurance to over 7 million customers in the UK.
- We’re the UK’s third largest personal lines insurer with just over £2 billion in annual premium income.
- We offer our products and services directly to consumers as well as through intermediaries, including brokers, affinity partners and IFAs.
- LV= General Insurance uses the LV= brand under licence from the Liverpool Victoria Financial Services Group.
- We are part of the Allianz Group, one of the world's leading insurers and asset managers with more than 92 million retail and corporate customers.
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