customers assisted during financial hardship*
Implemented Customers Experiencing Vulnerability Strategy, Standards and Guidelines
Continued financial inclusion and customer vulnerability training for Australian employees and extended to New Zealand teams
Expanded community sector partnerships to improve external referral pathways for customers experiencing vulnerability
Piloted Financial Literacy workshops with Multicultural Australia clients to build financial resilience and economic participation for culturally diverse communities
Launched AAMI Micro Enterprise Insurance in partnership with Global Sisters
#Financial Inclusion Action Plan
We believe growing our business inclusively and serving the whole community is fundamental to addressing financial inclusion and equality.
Suncorp's Financial Inclusion Action Plan outlines our actions to build the financial resilience and wellbeing of our customers and the broader community. Through our Financial Inclusion Action Plan, we continue to improve access to suitable and affordable products and services and build our capability to better support customers experiencing vulnerability.
#Supporting Customers Experiencing Vulnerability
In 2019-20 Suncorp made solid progress in improving support for customers experiencing vulnerability, a core element of our Financial Inclusion Action Plan and a focus for recent industry code of practice updates following the Royal Commission.
Suncorp continued to build awareness and capability across our workforce through our dedicated vulnerability training, with more than 11,000 employees, suppliers and distributors trained to date. In 2019-20, all New Zealand employees completed the vulnerability awareness training, with advanced training undertaken by customer facing teams and key leaders.
A centralised Community of Practice was established to share learnings and build knowledge and skills about specific areas of vulnerability, with expert coaching sessions delivered to provide deeper insights into complex issues. Our dedicated customer vulnerability specialist teams assisted more than 2,000 insurance and banking customers, providing flexible, tailored, end-to-end case management for customers requiring additional support, including referral to qualified social workers and specialist services.
In 2019-20 Suncorp’s Office of the Customer Advocate reviewed 68 complex customer cases that were escalated to them.
#Building Our Capacity
Suncorp has three levels of vulnerability, resilience and wellbeing training:
- Financial Inclusion Awareness for employees to build understanding of financial inclusion, resilience and wellbeing
- Vulnerable Customer Training for front-line teams, which aims to build capability to identify and help vulnerable customers and refer them to external partners for specialist support when required
- Specialist Capability Building and coaching for teams working with vulnerable customers every day, equipping them with skills to help customers in highly stressful situations, and strategies for their own personal resilience
All members of our specialist teams, who regularly work with customers experiencing vulnerability, have received intensive coaching, providing them with techniques to build their own personal resilience and wellbeing.
#Engagement & Advocacy
Suncorp participates in a wide range of industry roundtables and community forums to share best practice and discuss solutions. This year we hosted events to hear important insights from consumer advocates and our customers. We also advocated for greater awareness and measures to protect customers against scams and worked to build the financial resilience of our community.
Consumer Advocate Day 2020
In March 2020, Suncorp hosted its annual Consumer Advocate Day in Melbourne with more than 35 consumer advocates representing a wide range of community groups in attendance. The event provides an opportunity for two-way dialogue between Suncorp leaders and consumer advocates, who share important insights into the issues impacting people in the communities we serve. Hosted by Suncorp’s Group Customer Advocate and attended by Suncorp’s senior executives, this year the discussions centred on protection for customers experiencing vulnerability, regulatory reform and the impacts of climate change.
Driving industry change to address scams
To better protect our customers against the rise of scams in Australia, this year Suncorp took the lead in the banking sector to work with Queensland University of Technology’s (QUT) School of Justice and Dr Cassandra Cross, an expert in the field of fraud and scams. Suncorp and QUT hosted a Scam Prevention Workshop that brought together more than 50 experts from across from across the justice, finance and government sectors to explore the impact scams have on Australians and how we can work together to better protect customers from the threat of this criminal activity.
Collaborating for Financial Inclusion
Suncorp is an active member of the Financial Inclusion Action Plan initiative and Thriving Communities Partnership (TCP), both aimed at bringing together government, community and businesses to help drive greater inclusion, support and financial wellbeing for all Australians.
Strengthening access to essential services
Suncorp’s AAMI brand has partnered on the development of a new initiative with Global Sisters, a not-for-profit organisation that supports women who are often financially excluded to become financially independent. Together we have tailored the AAMI products to be suitable for micro enterprises requiring a simple, low cost insurance solution. The product enables ‘Sisters’
within the community to access public and product liability, and property cover for business equipment and stock, as they build their enterprises. It includes lower priced premiums, one excessfree claim per period of insurance, and a dedicated support team to help eligible customers through the process. The offering will help remove some of the barriers that have prevented this community from accessing business insurance and achieving financial independence in the past.
Suncorp also joined forces with Thriving Communities Partnership to release the research report: Disaster Planning and Recovery Collaborative Research Project. The report focuses on the experiences of people and local businesses in Townsville immediately following the devastating North Queensland Monsoon Disaster in 2019. The community’s experiences post event will assist in forming a valuable understanding of how different interactions with essential services and other organisations can vitally affect people’s recovery following a crisis.
Financial education for our newest Queenslanders
This year Suncorp continued to work in partnership with Multicultural Australia to build the financial resilience of refugees and new migrants living in Queensland. We piloted a financial literacy program with 39 clients in Toowoomba and Brisbane, which was adapted for their needs and designed to help them navigate financial services in Australia.
Building financial fitness in New Zealand
This year Suncorp New Zealand worked with ANZ to host more than 110 of our people at a series of Financial Fitness workshops, designed to help them better understand and manage their financial future. In addition, Suncorp New Zealand participated in the Insurance Council of New Zealand’s annual Insurance Day event during Money Week, spending the day with 40 Pasifika school students to help them learn about risk and how insurance can help protect people
#Read more about Responsible Financial Services
*Financial hardship: Excludes New Zealand and Australian Life Business. General Insurance ‘Peace of Mind’ support calculated at a policy level.