Insurance Australia Group (IAG) has been recognised sa one of the 50 companies changing the world; in the third annual Fortune magazine ‘Change the World’ list of companies that are turning “doing good into good business.”
The 50 were chosen based on their social impact, financial results and degree of innovation. The only two insurance companies on the list were IAG ranked 29 and US-based Allstate at 39 whereas the other Australian companies on the list were Bendigo and Adelaide Bank at 13 and Amcor, an Australian-owned packaging company at 42.
IAG Managing Director and Chief Executive Officer Peter Harmer said: “The recognition from Fortune reflects our strong focus on embedding shared value into our business and could not have been achieved without the support of our people, from the frontline to the boardroom.”
“Shared value provides a pathway for us to approach every aspect of our business with our communities, customers and people at front of mind, while still delivering the commercial value and strength our stakeholders expect from us.”
“We know that collaboration is critical in creating long term and impactful change. We are proud to be featured in the Fortune Change the World list alongside the Bendigo and Adelaide Bank who we have partnered with for more than 120 years.”
— IAG (@IAGAust) September 8, 2017
IAG was also recognised by Fortune for being the only insurer in Australasia with a Research Centre dedicated to research and testing with a focus on safety, security and repair costs.
The Change the World list recognizes companies that have had a positive social impact through activities that are part of their core business strategy. Companies with annual revenues of $1 billion or more are prioritized. Fortune writers and editors, with help from along with their partners at FSG and Shared Value Initiative, evaluate and rank the companies by these three factors:
1. Measurable social impact: Reach, nature, and durability of the company’s impact on one or more specific societal problems. This category receives extra weight.
2. Business results: The benefit the socially impactful work brings to the company. Profitability and contribution to shareholder value outweigh benefits to the company’s reputation.
3. Degree of innovation: How innovative the company’s effort is relative to that of others in its industry and whether other companies have followed its example.