Year in Review 2018-19

Our business decisions are guided by four corporate responsibility principles: Trust and Transparency, Responsible Financial Services, Sustainable Growth, and Resilient People and Communities. 

In 2018–19, we engaged stakeholders to complete a materiality assessment to identify environmental, social and governance (ESG) topics that are important to our business and inform our action plans. The most important issue for our stakeholders is restoring credibility and trust in financial services along with the fairness and value of products and services. 

ESG considerations are being embedded across our value chain. Suncorp’s Responsible Investment Policy incorporates ESG considerations into the evaluation of investment risks and opportunities. Our Corporate Responsibility Principles are also embedded in our Procurement Policy and Supplier Code of Practice for our Australian operations. 

This year we also strengthened our commitment to delivering responsible financial services with an Responsible Banking and Insurance Policy for our Australian operations. 

We want to be in the best position to deliver for our bank and insurance customers. This year we introduced a number of new and improved customer experiences.

This included introducing single-touch repair coordination through HomeRepair, Suncorp’s own national repairer where multiple trades are arranged to complete repair work on the same day.

We also get customers back into their homes quickly after a weather event. This year we hosted a series of community forums and established our first Customer Support Centre in Townsville.

Digital technology is creating new opportunities for every part of our business. From how customers interact with us to strengthening the processes behind the scenes. This year, 20 per cent of our home and motor claims were lodged digitally. Within banking, our ‘Wave and Save’ product automatically reverts to the lowest cost option whenever their customers tap and pay.

Our Office of the Customer Advocate continues to drive better outcomes for customers through process improvement and working with consumer advocates. Their work is driving business process enhancements and deepening our ability to support customers, especially those who may be experiencing vulnerability. We now have Customers Experiencing Vulnerability teams with established case managers to manage the end-to-end claims process and banking matters to provide customers with better support.

Suncorp is responding to climate-related risks and opportunities through the implementation of our Climate Change Action and Environmental Performance plans. 

There’s no doubt the increasing risk of severe weather contributes to the cost of home insurance in northern Australia. In response, Suncorp has been helping customers and the community make insurance more affordable. Our Cyclone Resilience Benefit offers up to a 20 per cent reduction to our customers’ building insurance premiums for taking positive action in reducing cyclone risk.

In 2018-19 we also developed a Natural Hazard Resilience Strategy which will further our efforts to support and reward customers in high-risk communities for reducing their own risk to hazards such as bushfires and floods.

We also became a signatory to the United Nations Principles for Sustainable Insurance and Responsible Investment, to help incorporate environmental, social and governance factors into our underwriting and investment practice.

This year, Suncorp became the first financial organisation in Australia to achieve the Chartered Institute of Procurement and Supply Corporate Ethics Award for our commitment to ethical conduct in procurement. 

In 2018-19, Suncorp invested $9.2 million in communities, including $7.5 million in cash contributions and $838,025 in volunteering. Our employees are inspired to make a difference in the communities where they live and work through our Brighter Futures program. This program allows our people to volunteer and give to the charities and issues they care about the most. 

In response to the devastating attacks on two Christchurch mosques in March 2019, Suncorp donated $50,000 to St John New Zealand in recognition of their emergency services personnel and to support community health services. 

Suncorp also made a donation of $50,000 to the Red Cross Drought Appeal to support Aussie farmers. We also offer financial relief to impacted agribusiness customers, providing flexible finance options during what has been one of the driest periods in Australia’s history.

And, within days of the Townsville floods, Suncorp made a $200,000 donation to the Red Cross to help support flood-affected communities in North Queensland.

Since launching our Reconciliation Action Plan in May 2018 we’ve supported National Reconciliation Week and NAIDOC Week with events across Australia. We’ve also supported employment pathways for Aboriginal and Torres Strait Islander candidates.

Our Team Girls program is also helping keep girls involved in team sport. Our research tells us team sport nurtures perseverance, resilience and confidence which in can have a real positive impact on their health and wellbeing.

We are investing in innovative work environments, such as the new 80 Ann Street headquarters in Brisbane that will be completed in 2022. This brings together our Brisbane workforce in a single, modern and collaborative workplace that will keep pace with our future needs.

At Suncorp, 84 per cent of our people are embracing flexible work arrangements to balance their personal and professional lives. 

Developing our people is core to building a diverse and resilient workforce that is prepared for a rapidly-changing business environment. In 2018-19 a pilot group of Suncorp people graduated from the Future Ready Academy where they were shown new skills in analytics, digital and data to help further their career.

Suncorp’s Employee Resource Groups (ERG) are networks created by our people, for our people. In 2019 a new Veterans, Reserves and Defence Family ERG was formed and Arise was created by our culturally and linguistically diverse people. Other groups include Women Connect, Millennials, Life X for mature-age people and Amplify, an LGBTIQ+ network. 

We also continue to strengthen our remuneration frameworks, accountability structures and risk management practices to ensure the behaviours of our people align to customer, risk and performance considerations.