IAG re-homes innovation under restructure

Listed insurer IAG has discontinued Tim Plant’s chief insurance and strategy officer role in an executive leadership team shakeup, with his responsibility for innovation redistributed internally.

The group said Plant will be departing IAG at the end of June this year as a result of the changes.

IAG first introduced Plant’s role in mid-2021; part of his remit was to lead IAG's innovation and venture activities.

He also directed underwriting, claims and customer experience and led the implementation of IAG’s strategy. 

IAG said the strategy and innovation division will now come under the company’s finance function, while underwriting will be transferred to the risk division where it previously resided.

Innovation at IAG is run by Firemark Collective, which funds startups and experiments with emerging technologies that can potentially accelerate the company’s growth strategy.

IAG managing director and CEO Nick Hawkins said the group is fast-tracking elements of its strategy so its various divisions can compete in a fast-paced market.

“We want to accelerate the delivery of our plans and ensure our three operating businesses can continue to meet customer needs in this rapidly changing environment," he said.

“Tim has established greater discipline and alignment on how we execute our strategic priorities and helped to strengthen our underwriting governance during his time at IAG.

"I thank him for his contribution,” Hawkins said.

IAG also said its chief financial officer Michelle McPherson is set to retire at the end of 2023.

In addition, IAG welcomed Michelle Klein as its new chief customer and marketing officer to oversee a newly-created customer experience and marketing division.