Restructure reduces running costs by 7% and slashes head count by 14%
The ABI has brought its general insurance, life and pensions division into one team in a reshuffle which has cut its running costs by 7%.
The trade body’s board approved the plans, proposed by director general Otto Thoresen, this month.
General Insurance head Nick Starling is one of 16 people has been made redundant in the new structure.
Huw Evans, the current director of operations has become deputy director general and director of policy. Evans’ policy team will focus on general insurance, life and pensions.
Hugh Savill has become director of regulations, bringing together the prudential, regulation and tax departments under one team.
Robert Hingley will remain as the director of investment affairs, while Louise Hanson will become director of advocacy in a newly created role encompassing public affairs, member relations and communications.
An ABI spokesperson said the simplified structure will enable the organisation to respond more effectively to its members, at a time when the market is going through a difficult period.
A spokesperson said: “He (Otto Thoresen) felt the structure didn’t necessarily encourage teams to work outside of their directorate, to be flexible and responsive to the needs of our members, because we were bigger and the structure was more complicated.
“This is about the future really. Quite a lot of insurance companies have had to change the way they work. They’ve changed their structure, they’ve made staff reductions, they’ve gone through difficult times.
“For us, everyone is having to do more with less, and this is the structure that helps us do that.”
As a result of today’s restructure 98 members of staff remain at the ABI.