Our Culture Our Values & Purpose
For a business to thrive, the right culture is everything. To this end, we encourage:
• Honesty
• Meritocracy
• Transparency
• Teamwork
• Social Responsibility
Our values define the types of people we want working for us, the way we make decisions and how we expect our people to behave. A strong culture also means our people understand why we are here. For IAG, our purpose is clear:
1. Paying Claims
Paying claims is at the core of our business. When all is said and done, it’s what we’re here for. We sell a promise that, if a customer suffers an unfortunate event, we’ll provide them with cover when they need us most - at claims time. What sets us apart from our competitors is how we manage the process of paying claims, and help our customers repair, rebuild and recover. It’s what we call ‘going beyond the claim’.
2. Understanding and pricing risk
To ensure we don't under-price (which might jeopardise our ability to pay claims) or over-price (which could effect the affordability of insurance), we employ specialists like underwriters, actuaries, industry researchers and atmospheric scientists to analyse data. We have also amassed vast amounts of data on repair costs, weather patterns and crime statistics, to help us price risk fairly, and reduce risk in the community.
3. Managing costs
Our obligation to shareholders demands we manage our costs efficiently. In addition, our operating costs are reflected in the price of premiums, so we have to be as efficient as possible to maintain affordability.
4. Reducing risk in the community
There are four key areas in which we work to reduce risk: road and home safety, crime prevention, workplace safety and climate change. To this end, we have established a number of terrific partnerships and programs, and support a range of community projects in crime and injury prevention, emergency services and the environment. In the 2005 financial year, our contribution to the community came to more than $12 million.
In response to employee feedback, we’ve also developed a number of programs that give people the chance to get involved in their own communities. Employees can donate to selected charities, with IAG matching these donations dollar for dollar. They are also encouraged to take one day of paid volunteering leave a year, become community help champions, or nominate groups for grants.
Ultimately, we want to create a sustainable business. And aligning our people around a common purpose and set of values means that we will continue to grow and to deliver exceptional outcomes to our customers, shareholders and the community.
Creating the Right Work Environment
At IAG, we want to build a sustainable workforce. This involves programs that create the right work environment, and ensure we attract, hire and retain the right talent. We offer initiatives revolving around safety, work & life benefits like flexible work options and a family program, and diversity in the form of our Indigenous, Women in the Workplace, and Age Management programs.
We also encourage our people to fill in an annual employee engagement survey called ‘Your Voice’. It’s a great way for our people to tell us what they think about working at IAG and suggest improvements.
Rewarding our People
We believe that rewarding our people for good work goes a long way towards driving a high-performance culture. IAG's program, ‘rewardhelp’, is designed to do just that. It allows employees to recognise the achievements of their colleagues in four distinct areas: Achievement, Helping Others, Leadership, and Sustainability & Innovation. The nationwide finalists in each category are celebrated for their achievements at our annual CEO Excellence Awards.
We also offer a flexible and competitive Total Potential Reward package. It includes:
A competitive base salary
13% superannuation - 4% above the Superannuation Guarantee minimum
A 10% maximum short-term incentive
But the rewards don’t stop there. Our Employee Share Reward Plan offers staff who meet their corporate performance target, an opportunity to pick up IAG shares once a year - for free!
Career & Development
Thanks to the dedication of talented people, we’ve just enjoyed another year of record progress. To sustain this terrific level of performance, we use a number of tools to assess if our people are in the right roles, including an embedded talent-review process called Talent Matrix. We also employ a performance management process, ‘planning your success’, and career development process, ‘PATH’, to help staff map development opportunities for a fulfilling career.
IAG is committed to building employees’ skills and recognising their potential, by offering nationally-accredited learning programs and qualifications. As such, coursework and on-the-job development is also a strong feature of our offerings.
Leadership & Management
Our leaders consistently drive our values, policies and processes to help others perform at their peak. That’s why leadership development and management is such an important focus at IAG. It’s one of the best ways we know to continue to grow our business and maintain our reputation in the marketplace.
We also offer a range of internally- and externally-run leadership and management development programs, and provide constant support through our 360-degree feedback, coaching, mentoring and stretch assignments.
IAG Awards
IAG is the proud recipient of a string of prestigious 2005 awards. These include:
Winner: General Insurance Company of the Year
Australia & New Zealand Insurance Industry Awards
Winner: ‘Triple Bottom Line’ Award for CGU’s Risk Radar
United Nations Association of Australia
Winner: Best Time Reporter in Sustainability Reporting
Association of Chartered Accountants
Winner: Best Strategic Sustainability Outcomes (over 200 staff)
NSW Department of Environment and Conservation Industry Partnership Program Awards
Winner: Employer of Choice for Women Status
Equal Opportunity for Women in the Workplace
Winner: Best Workplace Health and Safety Management System
WorkCover NSW Safe Work Awards 2005
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