IAG has made Fortune magazine’s global Change the World list, ranking at No.29 in recognition of its commitment to shared value, research and innovation.

The shared value concept aims to connect company success with social progress, and the Australian insurer is a founding member of the Shared Value Project in Australia.

Chairman of the project, Peter Yates, has congratulated IAG and Bendigo Bank, which were the only two Australian organisations to make the list.

“Their recognition by Fortune as two of the 50 companies changing the world is a clear sign that Australian companies are achieving competitive advantage through the adoption of shared value,” he said.

IAG MD and CEO Peter Harmer says the recognition reflects the company’s focus on embedding shared value into the business.

“Shared value provides a pathway for us to approach every aspect of our business with our communities, customers and people at front of mind, while still delivering the commercial value and strength our stakeholders expect from us,” he said.

“We know collaboration is critical in creating long-term and impactful change.”