The insurer will reduce its workforce by up to 8% through voluntary departures as artificial intelligence adoption accelerates.
Allianz Partners will cut 1,500 to 1,800 jobs across Europe as it ramps up artificial intelligence integration. The reductions, equivalent to 7-8% of its 22,000-strong workforce, will be implemented through voluntary severance and early retirement schemes in Spain, France, Germany, Italy, and the Benelux region.
The move follows earlier indications that AI-driven transformation could impact staffing levels. Similar job cuts have been announced by other European insurers, including Ergo, which plans to eliminate around 1,000 positions in Germany. Bloomberg Economics estimates 27% of developed-market employees face AI-related disruption.
Allianz Partners CEO Tomas Kunzmann stated affected employees would be treated fairly during the transition. The company has engaged with works councils over the past six months to negotiate the departures.