Allianz to cut 1,800 jobs amid AI push
08 Jul 2026
Allianz, a leading global insurance and asset management company, has announced plans to cut up to 1,800 jobs in its travel insurance division.
The move comes as the company expands its use of artificial intelligence (AI) technology.
Allianz Partners CEO Tomas Kunzmann confirmed the decision at an event in Munich on Tuesday evening.
Job cuts will be implemented through voluntary severance packages
Implementation strategy
The job cuts will be implemented through voluntary severance packages, early retirement schemes, and similar measures.
The move is expected to affect between 1,500 and 1,800 positions across Europe.
This decision comes as Allianz continues to integrate AI into its operations, reshaping the future of travel insurance services provided by the company.
AI's impact on workforce across sectors
Industry impact
The move by Allianz to cut jobs as it expands its use of AI could set a precedent for other insurance companies.
The tech industry has already witnessed an increase in job cuts as businesses adopt AI tools.
HSBC is also considering cutting up to 20,000 jobs due to an AI-led transformation, further highlighting the potential impact of artificial intelligence on the workforce across different sectors.
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