AIA named in top 20 companies leading transformation
Life, health and wellbeing insurer AIA New Zealand announced today that AIA had been named one of only 20 companies globally to have achieved the highest-impact business transformations over the last decade. The report, by strategic consultancy firm, Innosight, was published in the Harvard Business Review.
To better understand why and how strategic transformation happens, Innosight developed a methodology to evaluate change efforts, with the aim of identifying best practices across industries, and public companies that exemplify leadership excellence. Innosight screened the world’s largest companies taken from the S&P 500 and the Forbes Global 2000 and only 57 companies were selected as making substantial progress toward transformation. The final 20 companies were selected by a panel of management experts.
Identified alongside companies such as Netflix, Amazon, Microsoft and Alibaba, AIA was recognised for moving from a traditional health insurance provider to a ‘collaborator with consumers’ by introducing AIA Vitality — the company’s flagship health and wellbeing programme.
Nick Stanhope, CEO of AIA New Zealand said that he was very proud of what AIA had achieved both in New Zealand and globally.
“To be included in this list of well-known, leading global brands is proof of our commitment to transformation.”
“When we introduced AIA Vitality earlier this year we knew that we were going to transform the role we play in our customers’ lives and in society. With the AIA Vitality app Kiwis can easily track their health and be rewarded for making healthier choices. We’ve moved from being a payer of claims, to a partner in the health and wellbeing of our customers”, says Nick.
The Harvard Business Review article on the study concluded that “in an era of relentless change, a company survives and thrives based not on its size or performance at any given time but on its ability to reposition itself to create a new future and to leverage a purpose-driven mission to that end.”
The 2019 Transformation 20
The following S&P 500 and Forbes Global 2000 companies ranked highest in their new-growth transformation. Each excelled in the development of new products, services and business models; repositioning its core business; and financial performance.
A.O. Smith: Water tech 2. Adobe: Digital
Renewable fuels 3. Amazon: Web
Digital factory initiative 4. Tencent:
Fintech, transformation 14. Schneider Electric:
IoT-enabled solutions 5. Microsoft:
Cisco: Subscription applications 6.
Alibaba: Fintech, sports,
Ecolab: Water and energy services 7.
Orsted: Offshore wind
17. Fujifilm: Medical imaging/health
care 8. Intuit: Online
Wellness and prevention 9. Ping An:
Fintech, health tech
19. Dell: Infrastructure and
security 10. DBS Group: Digital platforms