Insurance Australia Group - Digital Transformation Strategies

Summary

This report provides insight into IAG's tech activities, including its digital transformation strategies, its innovation programs, and its technology initiatives.

Insurance Australia Group (IAG) is a general insurance company operating in Australia and New Zealand. In Australia, the company’s operations are split into two divisions, namely Direct Insurance Australia (DIA) and Intermediated Insurance Australia (IIA). DIA offers insurance products for motor vehicles, homes and contents, boats, caravans, classic cars, and commercial motors under several brands, including NRMA Insurance (Australia-wide, excluding Victoria), RACV (in Victoria), SGIO (in Western Australia), SGIC (in South Australia), CGU Insurance (in New South Wales, Australian Capital Territory, Victoria, and Queensland), and ROLLiN' Insurance. IIA offers insurance products for motor vehicles, home and contents, boats, caravans, travel, farm and crop, construction and engineering, commercial motors, and professional indemnity among others under the CGU Insurance, WFI, and Coles insurance brands. In New Zealand, IAG offers insurance products for motor vehicles, home and contents, construction and engineering, and professional indemnity among others.

Scope

• IAG is strengthening its focus on the use of innovative technologies to provide better customer service, deliver better insurance products, and optimize operational efficiency. Cloud, AI, cybersecurity, and big data are among the technologies the company is focusing on.
• IAG invested in Myriota, a provider of low-power and low-cost satellite connectivity for IoT technology, to explore how IoT can be used to help agriculture and logistics customers monitor, manage, and safeguard their assets.
• Firemark, the innovation and venturing hub of IAG, launched its fmX InsurTech accelerator program in 2020 to help early stage and Series A startups commercialize their InsurTech solutions.

Reasons to Buy

• Gain insights into IAG’s tech operations.
• Gain insights into its digital strategies and innovation initiatives.
• Gain insights into its technology themes under focus.
• Gain insights into its various product launches, partnerships, acquisitions and investments.