We have a clear set of priorities in place for 2019 that will build upon the progress we made in 2018, while also positioning QBE for the long term.
We will remain focused on our plan, underpinned by our rigorous performance management framework that will translate into further improvement in our attritional claims ratio. In addition, we will reduce our cost base by $130 million (net) over three years, reducing complexity, optimising end-to-end processes and increasing automation.
In 2018, we laid the foundations for Brilliant Basics and it has led to greater focus and improved consistency across the Group. However, there is more we need to do to develop truly world class capabilities in pricing, risk selection and claims management. Our newly formed Group Chief Underwriting Office will be tasked with further advancing the Brilliant Basics agenda.
In 2019, we will also remain focused on attracting and developing high quality talent and building QBE for the future by investing in, and leveraging, data, analytics and technology.
Our 2019 priorities, described opposite, include a greater focus on customer outcomes and delivering against our customer commitment program (EQUITY). We will also continue to invest in our risk management capabilities, recognising our obligations to meet the expectations of our shareholders, regulators and the communities in which we operate. The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry in Australia recently made a number of recommendations for policy makers, regulators and the industry to consider, to ensure the Australian financial services sector meets community standards and expectations. QBE takes these recommendations seriously and we will work closely with governments, regulators and the industry in their implementation while ensuring the best interests of our customers and partners continue to be met.
Sustainability will also be a key priority for QBE and we will continue to implement the recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD). We have taken several important steps towards their implementation through 2018 including joining a pilot project run by the United Nations Environment Programme – Finance Initiative, with 17 other global insurers. Our first climate change action plan can be found here. We have also announced our ambition to grow our impact investing to $1 billion by 2021 and were delighted to report that QBE became carbon neutral in 2018, in partnership with the Qantas Future Planet Program.