Our shared value approach
IAG is a shared value organisation. This means that we are committed to using our resources to help solve societal problems, in a way that is profitable for the company. We are always thinking of new ways of designing and developing our products and running our operations whilst tackling social issues.
We invest in making communities safer because we are investing in the future of our business.
Measuring shared value
Our focus on measurement helps us track progress against our safer communities framework and improve our programs as we evolve our shared value thinking. We implemented new tools and systems to ensure that we can understand the impact of our work and learn and adapt in real time. This includes a social impact measurement tool that uses a theory of change to map inputs, outputs and outcomes, and we are trialing this to measure the social, environmental and business benefit that we create through our safer communities initiatives, partnerships & programs. We have also developed a measure for shared value that tracks community impact, employee advocacy and involvement, and business impact:
- Community impact: Measures the perception of safety and any action taken to reduce risk by participants in our programs, or through interactions with our partners. For example, through our resilience partnership’s with NSW SES and Qld SES we found 90% of survey respondents took action to reduce the risk of storm damage to their home after interacting with the StormSafe campaign.
- Employee advocacy and involvement: Through our Culture Insights survey, we track our people’s perception of IAG as a contributor to creating safer communities and if our people feel enabled to contribute to this change. Through volunteering participation rates, we can determine if that perception translates into action.
- Business impact: Begins to understand the commercial value generated through our safer communities initiatives. We track this through the positive sentiment towards IAG and its brands as a direct result of our partnerships and programs through direct participant surveys, as well as external sources; the external assessment of our transparency and governance over our operations and sustainability performance through the Dow Jones Sustainability Index (DJSI); and our actual GHG emissions reduction. We are working towards understanding Gross Written Premium (GWP) growth generated through shared value products and services to market.