IAG launches Financial Inclusion Action Plan
12 Mar 2020
IAG, Australia’s largest general insurer, has today released its first Financial Inclusion Action Plan (FIAP) as part of its commitment to improve the economic security of Australians.
The FIAP program is led by Good Shepherd Australia New Zealand and focuses on actions to improve financial inclusion and resilience.
IAG Managing Director and Chief Executive Officer Peter Harmer said: “We’re proud to join the Financial Inclusion Action Plan program and work towards improving financial inclusion and the economic security of our customers, employees, suppliers and the community.”
Mr Harmer said IAG chose to be part of this program because it aligns to its purpose: to make your world a safer place.
“Our purpose inspires us to explore all the ways we can make our customers, our people and our communities safer. Insurance plays a critical role in providing financial security and protection,” Mr Harmer said.
“This plan builds on the work we’re already doing, while also considering new opportunities to help more people,” he said.
IAG’s FIAP includes actions to make its products and services more accessible. This includes:
- Providing additional support to customers that may be experiencing vulnerability, such as family and domestic violence, financial hardship or mental or physical disability.
- Training employees in how to identify and help customers experiencing vulnerability.
- Employment opportunities for groups that may typically experience financial exclusion, as well as greater support for employees that may be experiencing vulnerability.
- Economic opportunities for the community. For example, by working with a broader range of suppliers such as social enterprises, female-owned, and Indigenous-owned small businesses, to support the growth of these businesses and the communities that they support.
Good Shepherd Australia New Zealand Chief Executive Officer Stella Avramopoulos said: “Financial hardship can impact us all, at any stage in our lives. We know that insurance plays a vital role in increasing financial wellbeing, but that barriers to accessing appropriate products and services can exist for those who are financially excluded.”
“IAG is demonstrating leadership by developing a FIAP and has joined an important Australia-wide movement that will create improved social and economic benefits for the community,” Ms Avramopoulos said.
Visit IAG's Financial Inclusion Action Plan hub