Norwich Union is axing almost a third of its 430-strong marketing department in a bid to cut costs. It is thought that the Aviva-owned company will also slash its marketing spend by up to £80m next year as part of the move.
The insurance giant will lay off 140 marketers by January. It says in a statement: “We are operating in an increasingly competitive and changing environment and need to reduce the costs to our business.”
It is understood that Norwich Union recently told its agencies to cut fees as part of the cost-cutting measures.
Norwich Union is the UK largest insurer. In August it launched an £8m ad campaign, created by Abbott Mead Vickers.BBDO.