New Zealand’s largest insurer says it is considering a number of options in response to changing market conditions, and the rising numbers and costs of claims.
IAG New Zealand says working with offshore partners is one way it is looking to reduce costs and keep premiums affordable. IAG is also working on other opportunities, such as digital solutions, to help keep insurance affordable for New Zealanders.
In November 2016, IAG announced it had partnered with international firms WNS and EXL and their Philippines and India-based teams.
Chief Operating Officer Melissa Cantell says IAG will maintain a strong presence in New Zealand as not every activity or function will make sense to move offshore. “It’s important to us to be connected to our communities across New Zealand,” she says.
“We are facing a changing insurance market, with rising costs and numbers of claims each year, including an unprecedented number of natural disasters and weather events,” Cantell says.
“To ensure our long-term sustainability as a provider of insurance in New Zealand we need to keep premiums affordable for our customers. To do this we are looking across our business at the way we operate to reduce our costs and improve our service to customers – and having some activities performed offshore is just one way we are doing this.”
Cantell says IAG is working closely with its New Zealand team to support them through these changes. “Our people affected are being offered training, career transition support, workshops, coaching and, if applicable, redeployment within IAG New Zealand.”
IAG has approximately 3500 people in New Zealand.
