Mike Wilkins is retiring as CEO of IAG after seven years running the insurance group.
He is being replaced from next month by Peter Harmer, the current chief executive of IAG Labs and a 36 year in insurance industry veteran with responsibility for driving digital initiatives and innovation as well as creating incubator areas.
Harmer, who has held the role of chief digital officer, says he’s looking forward to taking advantage of disruption provided by technology.
“We live in an age of disruption where the needs and expectations of our customers are changing rapidly as they embrace innovation and quickly adopt new technologies,” Harmer says.
“New and different competitors are entering the market and even the way we work is transforming, with a greater focus on inclusiveness and agility.
“There are so many exciting opportunities with these changes, and because of the platform Mike has created we can embrace them from a position of strength. We’ve already started to do this and I look forward to building on these opportunities.”
Harmer, aged 54, is a former CEO of Aon Limited UK and chief executive of Aon’s Australian operations for seven years.
IAG’s full year net after-tax profit fell 41% to $728 million after a significant rise in insurance claims from earthquakes in New Zealand and storms in Australia.
The company’s margins also fell as it integrated the former Wesfarmers insurance business.