Analysis of IAG Report Pdf 2022
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Added on 2021-06-14
Analysis of IAG Report Pdf 2022
Added on 2021-06-14
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Executive summary This report gives an analysis of IAG which is a leading Insurance group operating in Australian, New Zealand, and Asian Markets. The report looks into the growth journey of the company from being an Australian based Insurance company to its current position as a global insurance group. Also explored are the core competencies and strategic choices made by the company to aid its current success. The core competencies of the company are a focus on customer experience, diversity, teamwork and collaboration and sustainability. The company hasalso succeeded because of the adoption of various strategies such as strategic partnerships with other industrial players, growth strategy to expand operations into different markets and focus strategy. The report also explores some of the criticisms that have been associated with the company in the recent past. The Insurance group’s main criticism has been due to its controversial expansion into the Chinese and UK market. Its expansion into the United Kingdomagainst the advice of experts and shareholders ended with a huge loss while the plan to expand toChina was withdrawn after objection from shareholders. The report also analyses the various weaknesses, strengths, threats, and opportunities for the company as well as its corporate culture
ContentsExecutive summary.........................................................................................................................2TASK ONE......................................................................................................................................4Strategic priorities........................................................................................................................4Successful past and Current Strategies........................................................................................5TASK TWO.....................................................................................................................................7IAG Criticisms.............................................................................................................................7TASK 3............................................................................................................................................8SWOT Analysis...........................................................................................................................8TASK 4..........................................................................................................................................11Conclusion.....................................................................................................................................12References......................................................................................................................................13TASK ONE Insurance Australia Group is an international Insurance corporation, with its headquarterssituated in the city of Sydney Australia. The company came into being through a change of ownership of NRMA Insurance from a mutual organization to a joint stock company. This
change of ownership gave birth to Insurance Australia Group in the year 2000. The company holds a number of popular Australian Insurance brand. Its operations are spread across Australia,New Zealand, Thailand, Vietnam, Malaysia, Indonesia, and India. The Organization’s strategy has been optimizing Core insurance business while generating opportunities for future growth. The Company’s main strategy is making the world a safer place for customers, shareholders, employees, partners and the communities that it serves in Asia, Australia and New Zealand (Olivier, 2013). Strategic priorities Agility: Being an Agile organization that is differentiated by its execution skills, Speed, andInnovationAgility means the act of moving quickly and easily. One of its strategic options is organization focusing on the creation of a disciplined approach to its leadership and managementthrough the introduction of agile working methods and ensuring that their employees clearly understand their roles(Iag, 2018). The organization also identity’s, natures and instills the necessary skills required to achieve its strategy and enable their employees to have a smooth transition to their future work. In addition, the organization also aims at being recognized as an organization that is driven by purpose.Simplification: A lower cost, modular and simplified model of operation.The organization aims at minimizing complexities in operations through execution of technology strategy, simplification of its processes and systems, product harmonization and consolidation of technological platforms. The organization also aims optimizing its operation
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