Norwich Union has announced that it will make 150 people redundant by the end of 2005. The redundancies come as the company restructures and moves more jobs away from the UK and to India. 950 jobs will be created in India, although the insurer intends to increase the 3700 existing staff in India to 7000 by 2007.
Our View
Whilst we do not agree with companies that close jobs in the UK to open them up elsewhere, if cost savings are made, it should benefit policyholders. If not, it will definitely help the shareholders.
The only choice people have is to vote with their feet and move to other insurers, as we have seen happening with the banks.