Relationship with our Stakeholders
Eagle Star recognises that apart from Shareholders, our Stakeholders can be
defined as customers, business partners, suppliers, employees, the environment
and the community in which we operate.
Eagle Star strives to meet and understand the needs of its Stakeholders. Integrating
socially responsible business practices includes having specific policies in
place with regard to all our Stakeholders and continually evaluating and improving
those relationships.
Customers and Business Partners
We want our customers to protect for the present and plan for the future. To
achieve this we focus on our strength and expertise in pensions, financial protection
and investment. Over 80% of our business is carried out through a distribution
channel that offers customers independent advice and choice between our products
and those of other providers. Our customers and business partners want products
and services that suit their needs and
to conduct business with a company who behaves responsibly.
Customer Dialogue
We are always communicating directly with our customers through regular correspondence
about the products they have purchased, promotional literature, our website
and interaction with our staff. This is how customers form an opinion of the
company they deal with. In order to improve in terms of what our customers expect
from us, we partake in industry opinion surveys e.g. the Life Insurance Market
Research Association (LIMRA) Broker Survey and the Irish Broker (IBA) Service
Excellence Survey.
Eagle Star encourages ongoing dialogue with broker representative bodies and
encourages feedback through our team of broker consultants as part of our general
customer communications in order to ensure the highest standard of customer
satisfaction.
The Irish Brokers Association (IBA) is a representative
body for insurance brokers in Ireland. The IBA represents members' interests
to the Central Bank, the Government, legislators, the insurance industry and
the media.
The findings of the IBA Service Excellence Survey which are summarised in the
Marketplace section of this report, are a very good benchmark against which
insurers' service to customers and the broker market can be measured.
LIMRA is a member-owned organisation that provides marketing, research and
information facilities for over 800 financial service organisations around the
world, including Eagle Star Life in Ireland. Being a member company, which contributes
to LIMRA's research activities, gives us access to valuable information on the
various drivers of our industry and the views of important Stakeholders like
consumers and insurance intermediaries.
Employees
We want to attract and retain the best people. Corporate Responsibility matters
because according to a number of studies conducted by MORI during the 1990s,
they consistently found that companies that are active in the community are
considered good companies to work for. Later on, Bain & Co reported that
companies that retain their employees have the highest customer retention rates
(2001). We communicate with employees through various channels, which are outlined
in the Workplace section of this report. Feedback, an essential element of communication
is channelled via the Employee Consultative Committee.
Suppliers
Suppliers like to deal with a company who has integrity and honours terms and
conditions of payment. Our commitment to the IBEC code of practice on 'Prompt
Payments' ensures that we meet high internal standards and pay suppliers promptly.
Community
This report is the beginning of documenting our community activity. We plan
to develop this further by linking community needs to our own business objectives
and thereby benefit both.
Environment
Eagle Star is working to improve our capability to contribute in this area
in balance with long-term business development. We remain constant in our goal
of finding ways to integrate environmental awareness where possible.
Now we will examine how we currently act responsibly under four key headings:
Marketplace, Workplace, Community and Environment.
