Union, Norwich, Outsourcing
Outsourcing saves Norwich Union £140m
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Norwich Union, Britain's largest life insurer, saved 140 million pounds during 2003 by moving several of its jobs to India, according to the company's chief executive, Gary Withers.
He said Norwich Union plans to achieve savings of a further 130 million pounds within the next three years, which is likely to include moving more jobs to India.The company has announced plans to raise 1.7 billion pounds through the securitisation of its equity release and protection books and also laid out plans to increase its market share by more than 50 per cent over the next few years. Speaking to analysts at its headquarters in York, Withers painted a bullish outlook for the British life and pensions sector, saying that the group would use the funds from the securitisation to capitalise on growth in the sector.
The company plans to increase its market share from its current 12 per cent of the British life and pensions market to 20 per cent by the end of the decade. He said he anticipated that savings achieved through further offshoring and better use of technology would be 32 million pounds in 2004, rising to 76 million pounds next year and 108 million pounds in 2006, before hitting 130 million pounds in 2007.
Aviva, which owns Norwich Union, has announced more than 5,000 British job cuts over the past 18 months, as it has moved more jobs offshore and closed down its insurance broking division, Hill House Hammond. In its presentation, the company said it believed the main part of the current recovery in the British life and pensions sector would take place in 2006 and 2007. On average, over the next three years, however, it said it believed the market would grow at about eight per cent a year.
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