Sustainability at work: beyond IAG

Sustainability not only makes good business sense, it can often be a competitive advantage. Tony MacRae, Head of Distribution Partnerships, says, “In a competitive market where multiple insurers are often targeting the same potential partners, everyone is looking to stand out from the pack.”

“Our partners are predominantly banks and credit unions, which are looking for more than just a service provider,” says Tony. “Credit unions in particular have built their businesses around the communities they support and are often looking for sustainable partnerships.”

Savings & Loan Credit Union has been a CGU customer for five years and has a great affinity for IAG’s sustainability philosophy.

“Sharing similar values might not have been the reason why we became a customer five years ago, but it’s a very strong reason to stay,” says Greg Connor, CEO of Savings & Loan.

Based in South Australia and with more than $2 billion in assets, Savings & Loan is the third largest credit union in Australia. It sells CGU insurance products to its 170,000 members, and likes to use its influence to make a difference.

“Our approach to sustainability involves our whole organisation, and all the things we do,” says Greg. “Our Board is very supportive, and all our employees are highly motivated to do things like join our green group.”

Greg and his team have been particularly innovative with their products.

“We offer a green car loan, and we also introduced a Women’s and Children’s credit card in which we channel fees associated with the card to the Women’s and Children’s Hospital,” says Greg.

“In the past five years we have given over $2.5 million to the hospital, which has allowed it to revamp its emergency department.”

In 2005 Savings & Loan’s efforts were recognised by the Corporate Responsibility Index. In their very first year of participating, they received a silver rating and were also awarded the “Best Newcomer” accolade.

“We want to create a sustainable difference in the marketplace, and can’t think of a better way to do it than by focusing on sustainable products and services – and influencing others to think and act long-term,” says Greg.

“What’s most gratifying is that we have been rated Credit Union of the Year by Money Magazine for the past two years. That makes me wonder whether great companies do good things, or doing good things makes great companies?”

“At the end of the day, if we can get it right and make the world a better place for my kids, then that’s reason enough.”