Suncorp strengthens commitment to financial inclusion

Suncorp strengthens commitment to financial inclusion | Insurance Business Australia

Suncorp strengthens commitment to financial inclusion

Suncorp Group's (Suncorp) has announced a new commitment to financial inclusion. In its latest Financial Inclusion Action Plan (FIAP), which has been recognised at “build” level, the insurance giant has committed to more ambitious, deeper, and broader actions over a longer term of three years.

Suncorp's latest plan includes group-level leadership consultation by exploring lower-cost home insurance solutions and involving people with lived experiences of vulnerabilities in the decision-making process. During this time, the insurer will continue to deliver core commitments through the plan over the next three years.

The insurance giant's FIAPs in 2017 and 2018-20 were already recognised as Foundation level FIAPs. However, the latest plan has made it the first financial services organisation in Australia to release a FIAP at “build” level.

Commenting on the new FIAP, Suncorp group CEO Steve Johnston said: “As an organisation that provides insurance and banking products and services to millions of households across Australia and New Zealand, Suncorp understands the important role we play in ensuring community members feel financially included and able to contribute to a sustainable economy.”

Read more: Suncorp kickstarts home resilience initiative in Queensland

In 2016, Suncorp joined Good Shepherd and the Centre for Social Impact to become a founding member of the Financial Inclusion Action Plan (FIAP) program to improve the financial wellbeing of customers, employees, and communities.

“As part of our commitment to promoting financial inclusion, we take a proactive approach to identifying customers in vulnerable situations to address underlying issues that may contribute to vulnerability,” said Suncorp bank CEO Clive Van Horen. “We continue to develop accessible, affordable, and inclusive products and services to support and promote our customers' ongoing financial wellbeing and resilience and recognise the need to ensure banking is accessible to everyone.”

Suncorp further helped Australian households by launching a new initiative to encourage homeowners, builders, and governments to prioritise home resilience.