Not sure of our definition of a term or abbreviation used? Here’s a lexicon that can come in handy!
The Ageas Group’s 3-year strategic plan 2022-24
LONG-TERM SUSTAINABLE GROWTH STRATEGY
The choices made under Impact24 extend beyond the three years of the plan representing a long-term commitment through 2030 and beyond.
The Ageas Group’s 3-year strategic plan 2019-2021 – Impact 24 is a natural evolution from Connect21 – against which Ageas delivered on all of its strategic choices and targets.
Describes the existing Ageas footprint and business model which is central to the Impact24 strategy - identified as having potential to grow and contribute 80% of the projected growth.
Ageas internal think tank that monitors future trends and the potential impact on Ageas and its customers; influences strategic choices made by the Group.
6 key drivers are linked to the fulfilment of core potential: market evolution; distribution development and commercial excellence; impact of low interest rates, efficiency, local model, and people.
Growing in line with the different markets allowing Ageas to take greater share and adopt a leadership position.
DISTRIBUTION DEVELOPMENT AND COMMERCIAL EXCELLENCE
Increasing cross-sell and persistency, and increasing productivity of existing distribution channels across all countries (agents, brokers, banks, ).
Measures how long customers stay with their policies, by looking at the number of policy renewals year on year.
Describes efforts to redesign and digitalise the customer journey; improve quality of work for employees; achieve leading expense ratios.
ORGANIC GROWTH OPPORTUNITIES
Impact24 envisages growth opportunities over and above the core in the following adjacent business areas: Protection, Health ecosystems, digital platforms, reinsurance.
Non-reimbursement covers in the personal integrity protection space (e.g. fixed indemnity such as mortality, critical illness, personal accidents, disability/chronic disease)
Health care coordination for chronic diseases, wellbeing and prevention services, care pathways and digitally enabled care delivery – participation in the health ecosystem
Cross market and cross sector multi-distribution platform developments providing an opportunity for Ageas to invest in future winners that provide new roads to connect with customers.
Alongside the Group priorities, the local operating companies will focus in particular on opportunities in adjacent businesses especially Home; Mobility and Life & Savings
The Ageas Group values are Care; Share; Deliver; Dare.
Products that have an environmental and societal benefit integrating fair selling principles and transparent and simple communication
Differentiate on indirect economic impact in investments and integrate ESG considerations into investment decision-making.
GHG EMISSION REDUCTION
Reducing the carbon footprint of our operations and investment portfolio
The final leg of Impact24 but also the year in which the Group celebrates its 200- year history in insurance.
Ageas has announced for the first time a range of key performance indicators alongside the financial targets – against which they expect to be judged.