Insurance Australia Group (
IAG), Australasia’s largest general insurer, has been recognised as among the 50 companies that change the world, in the third annual Fortune Change the World list released last week.
IAG, along with Bendigo and Adelaide Bank – another Australian firm and founding member of the Shared Value Project, a peak practice body for shared value in Australasia – was commended for having made an important social or environmental impact through its business strategy and operations.
IAG adopted a 'shared value framework' as a core part of its business, delivering programs and initiatives aligned under three themes: safer, stronger, and more confident communities. It launched the 'Good Hoods' program, which aims to facilitate connection and interaction among neighbours by allowing them to share resilience-building initiatives “so the good continues to grow.”
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“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,” said
Peter Harmer, IAG managing director and CEO. “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.”
Bendigo and Adelaide Bank, meanwhile, was lauded for its Community Bank model, a community-owned company that operates in partnership with the bank. Through the model, communities are supported into running their own branches as franchisees. The bank also reinvests part of its revenue into communities to drive long-term growth.
Peter Yates AM, chair of the Shared Value Project, congratulated the two Australian companies on their win.
“Both Bendigo Bank and IAG are great examples of organisations that have used their business capabilities and resources to address a pressing social issue in a measurable and sustainable way and improved their profitability,” Yates said. “Their recognition by Fortune as two of the 50 companies changing the world is a clear sign that Australian companies are achieving competitive advantage through the adoption of shared value.”
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