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European insurers cut jobs to boost earnings | Canadian Insurance
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European insurers cut jobs to boost earnings

Allianz plans to let customers file small auto claims by sending in smartphone pictures

Goodbye people and hello technology.

Since insurers can’t control investment profits or claims, many in Europe are turning to automation to boost earnings, Bloomberg reports.

Zurich aims to save $1 billion by the end of 2018, which includes changes to 8,000 jobs. Allianz plans to let customers file small auto claims by sending in smartphone pictures, which may mean fewer adjusters are necessary.

“Many of the jobs that are prone to [digitization], such as contract and claims handling, will become obsolete,” says Fred Wagner, professor of insurance management at the Leipzig University.

Yet increased automation may create jobs in new areas, such as tech development and testing.

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