Introduction of Management Strategies
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Added on 2021-05-31
Introduction of Management Strategies
Added on 2021-05-31
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Introduction of Management 1Introduction of managementByNameProfessorCourseDate
Introduction of Management 2Introduction of managementStrategies been deployed by IAG companyInsurance Australia Group limited (IAG) is regarded is the parent company to a chain of insurance companies which operates in different countries such Indonesia, Australia, Vietnam, New Zealand and Thailand. The purpose of the company is to make the world a safer place for human and others. This implies whether a person is a customer, a shareholder, a partner, an employee or in any case a part of the community which the company serve in the above countries, IAG subsist to make the world a safer place to stay and work on[ CITATION Car14 \l 1033 ]. The company believes its purpose will enable them to become more sustainable business over the long item and set free stronger and more reliable profit for its shareholders. The company’s spirit is closer, brave and faster. The closer spirit is essential in creating real connection, brave spirit will help the company see possibilities which will inspire the company and faster spirit will always help in making things happen in the long last. The company strategy is to optimize the core insurance business while also engaging in activities which will create future growth options to the company[ CITATION Jen10 \l 1033 ]. Strategic prioritiesThe company has identified many strategies to stress on. However, on its operation the company has identified only three key strategic priorities to deliver its strategy. The three key priorities are customers, simplification and agility[ CITATION Chr11 \l 1033 ]. The three are discussed belowCustomers
Introduction of Management 3The company is committed to creating a delivery platform which will be used to transform the customer’s experiences in the long run. By doing this the company creates a strongpublic relationship with customers in the current and future. The company has also tried to connect the customers with the company by automating its process thus enabling Insurance Australia Group to reach as many customers as possible in timely manner[ CITATION Jan13 \l 1033 ]. By doing this the company have reduced the time the customers use to access the company’s service at any time. Also the company has developed an innovation which has the ability to think and deliver quickly. This has enabled the company to out-perform other companies in the market thus acting as a competitive advantage in the long run. And lastly, to save its customers well the company has been using data to power decision making, thus have enabled the Insurance Australia Group to understand its customers well and better. The primary purpose of many companies in the business environment is to make profit. In order to make enough profit the company must serve its customers well by delivering quality services to them[ CITATION Sta10 \l 1033 ]. SimplificationIn order to serve customers well the company must simplify its model. The current modelis simplified, modular and lower cost operating model. In order to deliver the services accordingly, the company has reduced its organizational complexity. This is done through consolidating the technology platform, executing the technology strategy, simplifying the process and system, and harmonizing the products[ CITATION Ani09 \l 1033 ]. Also the company have leverage all the operational partners in order to optimize the operating model and doing so the company is driving scale economies across all the value chain in the business environment. Lastly, the company have stressed on improving the allocation and maximizing utilization of the
Introduction of Management 4preferred repairer network. By doing this the company is reducing the average claim size in the market and the society at large[ CITATION Kuo11 \l 1033 ]. AgilityThe company works day and night to make sure it reaches agile organization which has distinguished innovation execution skills and the required speed. By reaching here the Insurance Australia Group would have created disciplined approach to Insurance Australia Group management as well as leadership in general[ CITATION Sus16 \l 1033 ]. This will include building stronger role clarity as well as introducing agile way of working in the company. The company isaspiring on building a pipeline based on skills which is key in delivering Insurance Australia Group strategy and also helping the company’s employees to transition to the future of work. Currently, the company has been recognized as a purpose leader organization which is shaping its internal and external environment[ CITATION Sus18 \l 1033 ]. Criticisms to the company Criticism can affect the company positively or negatively. In some cases, some criticism can build or destruct the company. In the recent the company have be criticized by the stakeholder in different ways. Some of the criticism includes The company lossJames Strong who was the company’s chairman for seven years and he recently resigned from criticism after the company recorded a loss of about $261 million. On her tenure Mr. Strongoversaw the company numerous success and growth which resulted to recording of numerous profit in many years despite the company making loss. The chairman decision to resign was
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