Prudential is planning to offshore or outsource most of its 600 UK-based IT employees.
The insurance company is reviewing posts in its IT delivery unit Prutech as part of a larger programme to cut costs across its UK life and pensions business.
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Some 3,000 staff working in customer services, customer operations and IT are covered by the review, which aims to save the UK operation £195m a year by 2010. Prudential will offshore or outsource the 600 jobs within the next two to three years.
The insurer expects to spend up to £165m during the cost reduction programme on redundancy payments and contracts with outsourcing suppliers.
Prudential began consulting IT union Amicus in October last year. It is rolling out a single global workflow application this spring. The application was developed by the company’s US subsidiary Jackson Life in a service oriented architecture so that Prudential could cut IT development costs by reusing the application elsewhere.
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