Study: IT to Help Kill 15,000 U.K. Insurance Jobs

LONDON (03/07/2000) - The U.K. insurance industry will experience the loss of up to 15,000 additional jobs within the next 12 months, including the 4,000 lay-offs already announced, due in part to the industry's need to hire new workers highly skilled in technology, according to a recent report published by Deloitte Consulting LLC.

The insurance industry in the U.K., though slow to adapt to e-commerce, now realizes it must quickly embrace the new technology economy and will invest 2 billion pounds (US$3.15 billion) on IT systems over the year, Deloitte said in a new study, "Millennium Top Ten Predictions for the Global Insurance Industry," released last week.

The job lay-offs will be caused mainly by consolidation and mergers within the insurance industry, Deloitte said. Changes in the skill base required for the new technology age will initially cause relatively few job losses, but its long term significance cannot be underestimated, Deloitte said.

In order to bring consumers 24-hour service, the industry will expand remote delivery channels including call centers and Internet services, Deloitte said.

As a result, while those with back office jobs will face lay-offs, the insurance industry will be looking to recruit staff with management and technology skills.

Deloitte Consulting, in the U.K., can be contacted at the branch office in Bath at +44-122-544-4700, or via the Web at http://www.dc.com/.

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