Purpose and Strategy
IAG’s purpose means that whether you are a customer, partner, employee, shareholder or part of the communities IAG serves, IAG exists to ‘make your world a safer place’. IAG believes its purpose will enable it to become a more sustainable business over the long term and deliver stronger and more consistent returns for its shareholders.
Helping customers manage risk has been IAG’s business for over 160 years, forming the heart of IAG’s Purpose, to make your world a safer place.
COVID-19 materially disrupted local and global markets and the lives of customers in 2020. In these uncertain times, IAG’s Purpose is more important than ever and guides IAG’s ambition to serve every Australian and New Zealander. Achieving this ambition requires being Purpose-led, customer focused and commercially disciplined.
Through IAG’s investment in customer experience, simplification and agility over the last five years, it is well positioned for the future. IAG’s trusted brands, supply chain scale, deep data assets and financial strength are key attributes, providing competitive advantage.
IAG’s long-term objective remains: the delivery of top quartile Total Shareholder Return, with a sustainable growth profile. To realise this, IAG has reset its strategy to ‘create a stronger, more resilient IAG’. IAG is driving focus, adapting its business model and playing to its strengths to capitalise on trends shaping the operating environment.
Four strategic pillars provide focus, inform IAG’s new operating model and underpin IAG’s three to five year strategy:
Grow with our customers
- IAG will grow as Australians and New Zealanders grow by delivering unparalleled personalised service when customers need it most;
- IAG will focus the strength of its brands to meet the evolving needs of consumers and enable the next wave of growth in small businesses across Australia and New Zealand; and
- IAG will increase its customer reach to make the world safer for more Australians and New Zealanders.
Build better businesses
- IAG will help Australian and New Zealand businesses thrive by continuing to focus on underwriting expertise, active portfolio management and pricing excellence; supporting strong economies in its home markets; and
- IAG will evolve by investing in its core competencies, delivering consistent high-quality returns to shareholders and enhancing its competitive advantage.
Create value through digital
- IAG will be digital to the core by creating connected customer experiences that seamlessly assist and reward customers as they unlock the value of IAG’s network; and
- IAG will transform customer experience while re-architecting core platforms and using intelligent automation to capture value.
Manage our risks
- IAG will manage the risks in its own business so that it can continue to manage the risks in its customers’ lives, by building a strong, active risk culture and meeting its obligations to the communities it serves;
- IAG will invest in process, capability, infrastructure and operational excellence to create a stable, scalable and efficient business; and
- IAG will continue to be innovative and strengthen its capital platform, ensuring its customers are appropriately supported by its financial strength.
IAG’s strategy balances strengthening the fundamentals of insurance while evolving to be a digital leader. It will ensure IAG is a stronger, more resilient organisation with increased customer reach.