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Building a Benefits Management Framework within IAG. Natalie Pritchard October 2013. Introduction. IAG has a portfolio of general insurance businesses with leading and established brands across its home markets of Australia and New Zealand, and a growing presence in Asia.

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introduction
Introduction
  • IAG has a portfolio of general insurance businesses with leading and established brands across its home markets of Australia and New Zealand, and a growing presence in Asia.
  • IAG underwrites around $9 billion of insurance premiums each year and employs over 13,000 people
  • Direct Insurance trades nationally under the SGIO, SGIC & NRMA brands
  • Core lines of business include Motor, Home, CTP and Business insurance
  • Direct Insurance initiated a major strategic change program last year
  • More than 70 projects will deliver significant Customer, Staff and Financial benefit over 5 years
  • Benefits Management is one of the key controls employed to ensure that the change program is delivering successfully
benefit management in iag di
Benefit Management in IAG DI
  • Guiding Principles
    • Every Project is responsible for delivering or improving one or more business capabilities in line with the End State Design
    • Delivery/improvement of capability triggers Benefit Drivers that deliver Benefits.
    • Project success measures are defined and accountability for delivering Benefits is agreed prior to business case approval. Benefit Owners sign up to benefit estimates included in business cases.
    • Benefit realisation is tracked throughout the project lifecycle and for a period of time after project completion as a measure of sustainability.
benefit management in iag di1
Benefit Management in IAG DI
  • Guiding Principles
    • Every project is able to be linked directly or indirectly to the success of the change program
    • The PMO facilitates the application of the benefits frameworks and provides tools and support
    • Estimating and tracking benefit realisation is an art not a science - we cannot do it with complete accuracy but we must make best effort
    • The Benefit Framework will continue to evolve and will be reviewed regularly– it will start simple and increase in sophistication over time
governance
Governance
  • Program Governance Structure
  • Project Roles & Responsibilities
  • Benefit Owner: Accountable to validate and sign-off on benefit estimates as well as their achievement
  • Project Manager: Responsible for the delivery of the project and agreed business capability measures
  • Project Sponsor: Accountable for delivery of the overall project benefits and business case
  • PMO: Accountable for quality assurance over benefit management (end to end)
benefit management end to end

Consult with project teams

Maintain consolidated benefit register

Benefit Management End to End
slide9

Business Case Quality Assurance Review

Program Sponsor -

Program Manager –Project Manager -

LEGEND

  • The following documents were reviewed:
  • <Business case name including version number>
  • <Name and version of other documents reviewed e.g. DCF>

One or more evaluation criteria has not been met, with a material impact on the validity of the Bus Case

One or more evaluation criteria has not been met, without material impact on the validity of the Bus Case

All evaluation criteria has been met

transition benefit realisation to bau
Transition benefit realisation to BAU
  • Handover to BAU criteria:
    • Full quantum of financial benefit has been reflected in operational budgets
    • Majority of benefit actuals have been within 10% of target for at least 3 months
    • Capability has been embedded into BAU
    • A minimum of 6 months has elapsed since commencement of benefit realisation
    • Confirmation received from relevant governance forum (as per delegated authority levels) that benefits no longer need to be tracked for the project specifically