Introduction of Management Strategies

Added on - 31 May 2021

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Introduction of Management1Introduction of managementByNameProfessorCourseDate
Introduction of Management2Introduction of managementStrategies been deployed by IAG companyInsurance Australia Group limited (IAG) is regarded is the parent company to a chain ofinsurance 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 forhuman and others. This implies whether a person is a customer, a shareholder, a partner, anemployee or in any case a part of the community which the company serve in the abovecountries, IAG subsist to make the world a safer place to stay and work on[ CITATION Car14 \l1033 ].The company believes its purpose will enable them to become more sustainable businessover the long item and set free stronger and more reliable profit for its shareholders. Thecompany’s spirit is closer, brave and faster. The closer spirit is essential in creating realconnection, brave spirit will help the company see possibilities which will inspire the companyand faster spirit will always help in making things happen in the long last. The company strategyis to optimize the core insurance business while also engaging in activities which will createfuture growth options to the company[ CITATION Jen10 \l 1033 ].Strategic prioritiesThe company has identified many strategies to stress on. However, on its operation thecompany has identified only three key strategic priorities to deliver its strategy. The three keypriorities are customers, simplification and agility[ CITATION Chr11 \l 1033 ]. The three arediscussed belowCustomers
Introduction of Management3The company is committed to creating a delivery platform which will be used totransform 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 toconnect the customers with the company by automating its process thus enabling InsuranceAustralia Group to reach as many customers as possible in timely manner[ CITATION Jan13 \l1033 ]. By doing this the company have reduced the time the customers use to access thecompany’s service at any time.Also the company has developed an innovation which has theability to think and deliver quickly. This has enabled the company to out-perform othercompanies in the market thus acting as a competitive advantage in the long run. And lastly, tosave its customers well the company has been using data to power decision making, thus haveenabled the Insurance Australia Group to understand its customers well and better. The primarypurpose of many companies in the business environment is to make profit. In order to makeenough profit the company must serve its customers well by delivering quality services tothem[ 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 servicesaccordingly, the company has reduced its organizational complexity. This is done throughconsolidating the technology platform, executing the technology strategy, simplifying theprocess and system, and harmonizing the products[ CITATION Ani09 \l 1033 ].Also the companyhave leverage all the operational partners in order to optimize the operating model and doing sothe 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 Management4preferred repairer network. By doing this the company is reducing the average claim size in themarket and the society at large[ CITATION Kuo11 \l 1033 ].AgilityThe company works day and night to make sure it reaches agile organization which hasdistinguished innovation execution skills and the required speed. By reaching here the InsuranceAustralia Group would have created disciplined approach to Insurance Australia Groupmanagement as well as leadership in general[ CITATION Sus16 \l 1033 ]. This will include buildingstronger 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 AustraliaGroup 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 shapingits internal and external environment[ CITATION Sus18 \l 1033 ].Criticisms to the companyCriticism can affect the company positively or negatively. In some cases, some criticismcan build or destruct the company. In the recent the company have be criticized by thestakeholder in different ways. Some of the criticism includesThe company lossJames Strong who was the company’s chairman for seven years and he recently resignedfrom 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 numerousprofit in many years despite the company making loss. The chairman decision to resign was
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