IAG announces major split

IAG announces major split | Insurance Business Australia

IAG announces major split

IAG Australia has announced that it will split into Direct Insurance Australia and Intermediated Insurance Australia, effective immediately.

Nick Hawkins, the managing director and chief executive officer of IAG, said the new operating model is more aligned with the group’s brands and customer propositions. It will also provide greater clarity on roles and responsibilities.

“The changes announced today will set us up well for success as we continue to focus on delivering a simpler, stronger, and more resilient IAG that meets the evolving needs of our customers and communities we serve,” Hawkins said.

IAG Australia chief executive officer Mark Milliner will leave the company at the end of the month as a result of the split.

An internal and external search is underway. In the meantime, Amanda Whiting, the current IAG executive general manager for consumer distribution, will act as the group executive of Direct Insurance Australia.

Meanwhile, Julie Batch will act as the group executive of Intermediated Insurance Australia, in addition to her current responsibilities leading IAG’s Strategy & Innovation division.

Commenting on Milliner’s departure, Hawkins said: “Mark has enjoyed a long career in insurance and is highly respected in our industry. We have been peers on the executive team for the past four years, and I’ve seen first-hand the significant contribution he’s made to our company. I want to personally thank Mark for his help and support, and wish him every success for the future.”