Year in Review 2020-21
Suncorp is a purpose-led organisation
It provides stability, strength, and comfort at a time when the unexpected occurs and it supports our customers during those big moments in life, such as buying a home, opening a business or protecting what they hold most dear.
Although FY21 brought about challenges – not only for our team but for the customers and communities we support – we continue to evolve for our customers and deliver for our shareholders. Our strength and momentum are possible due to the hard work and dedication of our people. From branches, contact centres, corporate offices, and home offices, we have adapted to keep our customers, people, and communities safe.
Consistent with the Group’s focus on simplification and driving the performance of the core businesses, Insurance (Australia) has also exited several underperforming portfolios, including Vero construction and consumer lines, and travel. As a result of the business’s focus on revitalising growth, Consumer Gross Written Premium growth improved during FY21 reflecting strengthened brand propositions and increased marketing.
Performance highlights
Building a more resilient Australia
Every year in Australia, homes are destroyed and billions are spent on rebuilding property in the aftermath of an extreme weather event.
To tackle this challenge, Suncorp partnered with experts from James Cook University’s Cyclone Testing Station, CSIRO and Room11 Architects to design and test one of Australia’s most natural disaster-resilient homes…we call it One House.
Over-the-counter transactions fell by a quarter during FY21, leading to a consolidation in the branch footprint, while customers continued to migrate to the Suncorp App, which has increased functionality. Contact Centre resourcing was brought back onshore and branch employees were equipped to support home lending needs and serve customers via telephone, resulting in a significant improvement in customer service levels compared to the previous year.
Performance highlights
Four wins in a row for Australia’s Bank of the Year
Suncorp is named Money Magazine’s 2021 Bank of the Year and Business Bank of the Year for the fourth year in a row.
They are all well-recognised and trusted brands across the general and life insurance markets. Suncorp New Zealand’s ambition is to be the number one choice for New Zealanders, driven by digital capability and a seamless partnership model.
Under our best-in-class claims program, we are developing a modern, digital claims management capability and a single claims platform. This program will deliver seamless connectivity with suppliers and partners, enabling more efficient processing of claims, which will deliver faster and more consistent outcomes for customers.
Performance highlights
Suncorp New Zealand welcomes seven TupuToa interns for 2020
Suncorp New Zealand welcomed seven new interns through our TupuToa internship program, now in its third year.
Our Purpose has also been front of mind as we deal with the continuing impact of COVID. Since the beginning of the pandemic, we have prioritised the safety and wellbeing of our people and provided relief and support to over 85,000 insurance and banking customers. We know that short-term relief can go a long way, and in light of the current lockdowns, we have banking & insurance support packages that were a feature of the initial lockdowns.
Along with the support we provide to customers, Suncorp has a proud heritage of supporting communities. In FY21 we contributed $9 million to a range of community organisations across Australia and New Zealand, including the Queensland and Victorian SES, Australian Road Safety and Shine in NZ.
10 years on | Remembering the QLD floods
In the summer of 2010-11, 35 individuals tragically lost their lives in the Queensland floods and resulted in three-quarters of the state being declared a disaster zone. Ten years after the disaster, memories of the floods are still vivid.
As many faced ongoing disruption throughout the year, our people embraced innovative and more agile ways of working. Suncorp’s transition to a hybrid model of working maximises productivity and enables continued flexibility through a combination of remote and office-based work. We have also implemented a survey tool that regularly tracks employee sentiment and highlights any challenges our people are facing as we continue to adapt.
In FY21, Suncorp reduced our gender pay gap, responded to the needs of our hybrid workforce by providing learning and support options for carers and their leaders, increased our parental leave offerings, increased our domestic and family violence support, and became the first national organisation in Australia to achieve the ‘Carers + Employers’ carer-friendly workplace accreditation.
#ChooseToChallenge: Championing inclusivity this International Women’s Day
We asked women at Suncorp what 'Choose To Challenge' means to them this International Women's Day, and how they choose to challenge themselves, and others, every day.
The SDGs call for action to address significant economic, social, and environmental challenges such as poverty, inequality, improving health and education, and climate action. The eight goals with the most relevance to Suncorp’s business activity are below. Read more about our contribution to the SDGs on our website.
Sustainability principles
Above all, our people continue to support our communities, embodying our purpose and our values each and every day. In a year that will unlikely be forgotten, we thank you for your unwavering support.
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