(Bloomberg) – Zurich Insurance Group AG, Switzerland's biggest insurer, plans to cut spending on large technology projects as it seeks to reduce costs, according to chief risk officer Cecilia Reyes.
"Managing, harvesting the benefits from these investments" is a challenge, Reyes said in a Jan. 11 interview at Bloomberg's London office. "We will cut that back and be more focused."
Chief executive officer Mario Greco has said he wants to "attack" costs and save $1.5 billion from 2015 through 2019. Along with its European rivals, Zurich Insurance has struggled to improve profitability as lackluster economic growth and record-low interest rates hurt investment income and prices in some markets remain subdued.
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