The UK insurance sector could shed 20% of its workforce by 2010 - about 65,000 jobs - as it moves call centres abroad, management consultant Accenture has warned in a report.
It cited payroll savings and the number of highly qualified staff in countries such as India as the reasons.
The report said companies would take this route out of necessity rather than choice.
Comparable pay rolls in India were between 10% and 20% of UK levels.
With costs of running offshore operations taken into account, annual savings could be about 40% to 60%.
A number of major insurance companies have already transferred part of their support operations to offshore locations, including Royal & SunAlliance, Bupa, AXA and Churchill.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
