Insurance Australia Group Ltd · ASX:IAG
Insurance Australia — Investor Day (June 2023)
7 slides from Insurance Australia's investor day presentation, Jun 14, 2023
Slide 1: Neil Morgan, Chief Operating Officer – Transformation Update
Neil Morgan Chief Operating Officer 05 Investor Day | 14 June 2023 Transformation Update
Slide 2: Transformation activities are on track
Transformation activities are on track Priorities 2020 2023 2026 1. Claims • 16 independent, ageing claims platforms • Brand centric 2. Personal lines • 16 policy & pricing systems • 1000+ Products 3. Intermediated • 17 policy & pricing systems • Bespoke connectivity 4. Operations Process & Systems:
Slide 3: 1. Claims Transformation on Enterprise Platform
1. Claims Transformation on Enterprise Platform • 16 independent, • Single, modernised • Intelligent ageing claims platforms new claims platform automation • Brand centric • Digital first & highly • Legacy architecture scalable decommissioning • Ring-fenced legacy 2020 2023 2026 Elastic operations D
Slide 4: 2. Personal Lines Transformation on Enterprise Platform
2. Personal Lines Transformation on Enterprise Platform • 16 policy & pricing • Strategic solution live • Single strategic systems solution • Onboarding brands • 1000+ Products in-flight • 16 core products • Trans-Tasman re-use • 80% less documents proven 2020 2023 2026 Pricing sophistication Standa
Slide 5: 3. Intermediated Enablement
3. Intermediated Enablement • 17 policy & pricing • Strategic Partner • Strategic solution systems solution deployed aligned x-Tasman • Bespoke • 7 Commercial solutions • Commercial specific broker/partner enablement • Trans-Tasman re-use connectivity 2020 2023 2026 Network growth Platform modernisa
Slide 6: 4. Future Fit Operations
4. Future Fit Operations • Multiple Legacy • Trans-Tasman operations • Lean, highly HR, Risk & Ops automated back office • Digital platforms for HR, platforms • 500K hours + p.a. Risk & Finance • Geography centric automation • Enterprise automation • Cloud nascent platform established 2020 2023 2026
Slide 7: Conclusion
Conclusion NZ: 60% one-touch NZ NZ: 80 FTE savings motor claims from Claims Automation DIA: 5% reduction IIA: ANZ win Claims in call volumes Direct DIA: AI for total motor NZ: 67% Peak loss supported 30,000 digital lodgement customers Intermediated NZ: 12% increase IIA: Admin cost Operations in digi