Aussie insurer Suncorp backs financial inclusion

Aussie insurer Suncorp backs financial inclusion | Insurance Business

Aussie insurer Suncorp backs financial inclusion
Suncorp Group has been announced as the only insurance participant in a national effort to help 3 million Australians facing tough economic and social problems.

The insurer will join 10 other major Australian business as part of The Financial Inclusion Action Plan (FIAP), led by Good Shepard Microfinance in partnership with EY, the Centre for Social Impact and the Australian Government, which will see 3 million people given more access to financial services.

Suncorp Group CEO, Michael Cameron, said that the business is looking forward to working alongside other stakeholders to help Australians doing it tough.

“Suncorp has a long history in supporting communities and customers, and is looking forward to working alongside other top companies to help improve the financial resilience and capabilities of all Australians,” Cameron said.

“Already, across the company, our teams are working with customers, government, industry, community groups and non-for-profits to develop innovative and affordable products and solutions.”

“Suncorp is the only financial services provider in Australia that offers both an insurance and banking product designed for disadvantaged and low-income customers.”

Others involved in FIAP include ANZ, Commonwealth Bank, NAB and Westpac and Cameron noted that, while the company is already heading in the right direction, more can be done.

“Our award winning Essentials by AAI product ensures low income earners have access to affordable insurance. In banking, our Everyday Essentials Account helps those in need by waiving account keeping or overdrawn fees, providing free statements and Suncorp Bank Visa Debit Cards, and removing the minimum deposit amount required to open an account,” Cameron continued.

“We are also funding industry-leading research through James Cook University which details how communities in cyclone-prone areas can mitigate to build stronger, safer and more resilient homes while reducing their insurance premiums.

“These are just a few examples of how we are driving financial inclusion, however I acknowledge there’s more that can be done.”

Adam Mooney, Good Shepherd Microfinance CEO, praised Suncorp’s involvement in the program thanks to its banking and insurance options.

“The company is in a unique position to continue its work on financial inclusion, building on its investment in affordable insurance, as well as collaborating with the broader FIAP community to improve the financial resilience of people experiencing financial hardship.”

Suncorp has committed to developing and launching its FIAP by December 2016.