Future goals
Our Expert Community Advisory Committee and other stakeholders have told us that our sustainability report needs to be more future-focused. Accordingly, running alongside the Chairman and CEO Statement is a timeline that details where we’re headed.
We aspire to be a top performer in the international general insurance industry. To do this we will seek to double the company’s size over the next five years and increase the premium we generate offshore. Increasing the company’s size is important to ensure relevance and complete capital efficiency as the industry continues to consolidate. Because we are a risk company based in mature markets, organic growth alone will not meet these goals. We expect to continue to undertake acquisitions, primarily offshore.
We are also working to ensure the customer is at the centre of our business. We have a diverse range of customers who are becoming increasingly sophisticated and knowledgeable about insurance. To maintain our leading position, we must be single mindedly focused on our customers. This is reflected in our initiatives to understand what motivates our customers to buy, what will build loyalty, how customers want to interact with us and how we can best segment and service our customer base to maintain loyalty.
In addition – particularly as we grow our global presence – we aim to have a robust culture in place, fully aligned to our purpose and values. We must continue to build an engaged and productive workforce, and develop capabilities that will position us for leadership in the future. Offering flexible work practices and fostering diversity are key components in realising this strategy. Diversity has the added benefit of contributing to a workforce that mirrors the demographics of our customer base. Enabling our leadership and more explicitly embedding our values will also be key.
We aim to better translate our understanding of the risk of climate change into business strategy that will maximise long-term value. We will do this through public advocacy; pursuing business opportunities that arise from increased understanding of weather and climate; enhancing management of supply chains to reduce CO2 emissions; and improving our own environmental performance.
The Sustainability Compact [472 KB] signed with the NSW Department of Environment and Conservation (DEC) is one of the ways in which we hope to deliver on this last aim in Australia. DEC and IAG will be pooling resources and expertise to further improve the environmental performance of our operations, supply chain and facilities.
If we run our operations with a view to being a sustainable business, a series of flow-on benefits emerge for our customers, employees, shareholders and the broader community. These benefits in turn ensure IAG is sustainable and can continue to provide value to stakeholders. This virtuous cycle is illustrated below.
