Insurance Australia Group (IAG) has released its Quality Report for 2022-23, offering an update on repair performance across its national motor and property repair network.
During the 2023 financial year, IAG conducted a significant 320,000 repair assessments, including over 70,000 motor repair quality inspections – a rise of 16,000 from the prior fiscal year. Concurrently, the insurer executed 3,232 property repair quality inspections, indicating an increase of 365 from FY22.
This rise in quality inspections mirrors the amplified claims volume processed by IAG in FY23, totalling around $10.2 billion – an increase of 20% compared to FY22. Despite the surge in repairs, the company achieved a quality score of 97.7% in FY23.
The latest Quality Report also highlighted challenges faced throughout the year, encompassing devastating floods on the east coast, severe weather events nationwide, inflationary pressures, and industry-wide difficulties in securing trades and materials.
“We are grateful for the skills and dedication of our network of motor and property repair partners who play a vital role in our operations, undertaking a large volume of quality inspections and helping us to provide our customers with efficient, safe, and quality repairs to their vehicles and properties,” said Luke Gallagher, executive general manager of direct claims at IAG. “Communities across New South Wales, Victoria, and South Australia suffered terrible flooding. We focused on ensuring the safety and recovery of our customers, as well as supporting those people recovering and rebuilding following the February 2022 floods in South East Queensland and Northern New South Wales.
“We are thankful for the dedication of our trades who undertook emergency make-safe repairs and remediation works to damaged properties, working closely with our claims team to complete repairs and rebuilds for our customers.”
The Quality Report highlighted a new collaboration between IAG and an indoor environmental professional service, providing specialised guidance for property remediation. This partnership facilitated new mould remediation standards within the restoration industry.
Additionally, the report shed light on Repairhub, IAG's motor repair partner, which supported over 70,000 customers with vehicle repairs. Beyond its commitment to customer outcomes, Repairhub plays a pivotal role in nurturing the next generation of repairers through its successful Apprenticeship Program, with 35 recruits completing the program last year.
Gallagher attributed IAG's latest performance in repair operations to its focus on extensive monitoring, quality controls, and a lifetime guarantee on the workmanship of its repairs.
“There's no doubt the past five years have reminded us all to be ready for anything, whether that's severe floods, bushfires, or a pandemic,” he said. “I remain confident that in close partnership with our repair networks, we will be able to rise above the challenges that come our way and continue to deliver high quality and safety standards and repairs for our motor and property customers.”
In other news, IAG recently appointed an executive general manager of technology and transformation within the Intermediated Insurance Australia division.
