Insurance Australia Group: Building a Greenfield Startup

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15 April 2020
Tom Scales

Winner of Celent 2020 Model Insurer Award for Innovation Execution

Abstract

Insurance Australia Group (IAG) went well beyond the typical Greenfield model to build a true future state operating model. By using this approach, they have been able to rapidly implement their successes and scale to volume.

In the process, they overcame the barriers to innovation as shown in Celent's research:

Barriers to innovation

Source: Celent report Innovation in Insurance

The first phase focused on building the team and culture required to accomplish the project. The project encompassed setting up an entire new brand, separate from the existing brands, and bringing in new technology to support the goals. It was a true end-to-end creation of a new insurer, with the goal to bring the sucessed back to the larger organazation.

As you can see by the architecture, this was a complex project, implemented as a greenfield.

IAG architecture

The project went farther than just a typical greenfield, and included the creation of novel new insurance products that could not have been accomplished in the existing environment.

Not only was the project a success, but it quickly became self-funding, the utopia of innovation projects.

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Insight details

Industry or Business Focus
Insight Format
Reports
Geographic Focus
Asia-Pacific