CREATING SHARED VALUE

MORE CONFIDENT

When people are covered by insurance and communities are resilient and well connected, they have the certainty and confidence to prosper.

SUPPORTING ACCESS AND AFFORDABILITY FOR YOUNGER CUSTOMERS

We are committed to making our products and services more accessible and affordable and we have developed new products to target groups who may not consider insurance.

Our AMI Renters’ Insurance targets younger customers in New Zealand who do not always understand contents insurance, and may consider it too expensive, too confusing or just too hard. By highlighting a price point of no more than NZ$26 per month for NZ$10,000 of cover on AMI Advanced Contents, we are helping make insurance an easier decision. Being upfront with price removes one of the barriers to buying insurance and enables great conversations with customers – setting us up for a long term relationship.

We also continue to cover more drivers under 25 through AMI Young Drivers' Insurance, with the number of policies taken out by this segment increasing by 39% this year.

INDIGENOUS INSURANCE PROJECT

Aboriginal-owned small-to-medium enterprises and community organisations are growing fast, with the combined income of the top 500 Aboriginal-owned corporations up 8.2% from last year to $1.9 billion. To better understand and meet the needs of Indigenous people and businesses, we are using a human centred design approach to develop an Indigenous insurance brand, providing a commercial opportunity that enhances business and social resilience.

WORKING TOGETHER TO CREATE A NATION READY FOR ANYTHING

This year, we launched the Confident Communities program, a shared value initiative to drive social and commercial benefits. By helping communities become more connected and resilient, and through new products and services, we aim to reduce the impact of events no matter how large or small, which helps society and can also reduce claim costs.

We asked over 2,500 people to tell us the most important issue IAG should focus on. They told us that people were feeling a breakdown of community and did not feel as connected as they would like to be, and this has affected their resilience to life’s unknowns – many of which are insurance related events.

To better understand the issue and what role we could play in addressing it, we held a discovery tour with 200 resilience experts across Australia. Throughout the tour we met inspiring people and discussed proven resilience building activity. Together with this network of passionate resilience experts, we believe we can all play a role in creating 2017 ‘a nation ready for anything’.

We know resilience is something that grows over time, so we launched Good ’Hoods – our first Confident Communities initiative to help connect people who want to work together to create more resilient communities.

We realise that to create systemic change at the local level, we require a long-term community-led approach. So we set out to work with a small number of communities across Australia and New Zealand. Using a human centred design and co-creation approach, we are collaborating to complement their existing programs, build resilience and provide opportunities for new partnerships, products and services.

This has not always been easy and we have learnt it takes time. Initial plans to work with five communities across Australia and New Zealand have been scaled back to two in the first year – the communities of Blacktown in New South Wales and Murrindindi Shire in Victoria. We will apply what we learn through this process as we look to expand the program to further communities in the coming year.

COMMUNITY INVESTMENT TOTAL ($M)

COMMUNITY INVESTMENT BY TYPE