Munich Re Unit to Cut 1,000 Positions as AI Takes Over Jobs

Munich Re’s primary insurance unit ERGO aims to cut about 1,000 positions in Germany, partly as a result of its increased use of artificial intelligence.The cuts affect simple and repetitive tasks in telephony and claims processing, a spokesman said on Tuesday. They will take place over five years through the end of 2030, with ERGO saying there will be no forced redundancies during this time. Companies in the finance industry are increasingly using AI to speed up services and cut costs. Late last year, ING ...