IAG (Insurance Australia Group) announced the appointment of Wendy Thorpe as its new director, effective from September 6th, 2021. Thorpe, a former EY Partner, brings extensive experience in various industries, including financial services, construction, and infrastructure.
IAG Chairman Elizabeth Bryan stated that Thorpe’s appointment would add significant value to the company’s board. Thorpe’s expertise in strategy and digital transformation aligns well with IAG’s agenda and will help accelerate the company’s growth.
The announcement came a few months after IAG’s CEO, Nick Hawkins’ resignation, who served for less than two years. However, Bryan stated that Thorpe’s appointment was not related to Hawkins’ resignation and was a part of the board’s annual review process for board composition and skills.
IAG is one of the largest insurance companies in Australia, with a market share of around 30%. The company’s primary operations are in Australia and New Zealand; however, it also operates in Asia through its subsidiaries.
The insurance industry has undergone significant changes due to the COVID-19 pandemic. The global economic slowdown and a rise in natural disasters have resulted in increased insurance claims, and companies have had to shift their focus to digital channels to maintain customer engagement.
IAG is keen to stay ahead of the curve by investing in technologies like artificial intelligence, data analytics, and automation. The company has a $400 million digital transformation budget, and it plans to use the funds to develop new products and enhance customer experience.
Thorpe’s appointment is a significant addition to the company’s digital transformation efforts. Thorpe’s experience in emerging technologies and digital transformation will help IAG leverage its investments in technology to accelerate its growth.
IAG’s recent financial performance has been affected by the COVID-19 pandemic, with the company recording a net loss of $427 million in the 2021 financial year. However, the company remains optimistic about its future prospects and is committed to investing in its digital capabilities to drive growth in the coming years.
Thorpe’s appointment is a step in the right direction for IAG as it looks to invest in its digital capabilities and improve its financial performance. Thorpe’s expertise will be critical in driving the company’s growth and cementing its position as one of the leading insurance companies in the Asia-Pacific region.