QBE extends support for financial inclusion, joins FIAP program

QBE Insurance Australia (QBE) today announced its commitment to promoting greater financial inclusion for all Australians by joining the Financial Inclusion Action Plan (FIAP) program, an initiative that promotes economic wellbeing, resilience and inclusion.

The FIAP program, a partnership between Good Shepherd Microfinance, the Australian Government, EY and the Centre for Social Impact, includes a number of leading Australian companies that are committed to taking action to promote financial inclusion.

Vivek Bhatia, Chief Executive Officer at QBE Australia Pacific, said by the end of 2019, QBE will publish its own action plan to address financial exclusion, building on a range of initiatives already underway that are designed to support vulnerable customers and communities.

“We are very proud to join this initiative of leading organisations that are committed to promoting greater financial inclusion. Together, we’re doing what we can to help ensure no Australian is left behind. 

“QBE is focused on providing solutions for customers’ current and emerging needs and operating sustainably. This includes working to address key customer and community issues, such as financial well-being and literacy, consistent with our work to advance global action on the United Nations Sustainable Development Goal ‘no poverty’.

“We recognise that there are millions of Australians who are living in, or on the edge of, financial vulnerability or poverty. We believe that it is incumbent on us, and other financial services providers, to help improve access to services and help build financial resilience.

“While much has being achieved, there is still much more to be done to identify and assist with financial inclusion. Joining the FIAP program is a natural next step in our commitment to addressing these complex social-economic issues.” 

QBE already has a number of ongoing initiatives designed to support vulnerable customers and communities. These include:

• A commitment to the UN Sustainability Development Goals, which seek to address the world’s most pressing environmental and social challenges. QBE is also a signatory to the United Nations Environment Program Finance Initiative and the Principles for Sustainable Insurance
• In 2018, the QBE Foundation donated almost 1.5 million dollars to charities working to make positive change in communities around Australia and New Zealand
• QBE’s Premiums4Good program which allows customers to opt for part of their premium to support social impact investment bonds. By the end of 2018, Premiums4Good had grown to 32 investments representing cUSD440m invested.  QBE’s ambition is to grow impact investments to USD 1bn by 2021
• A Reconciliation Action Plan (RAP) that outlines how QBE supports Aboriginal and Torres Strait Islanders and formalises commitments to creating positive change within the company and in the communities in which it operates
• Financial hardship support and a clear approach to supporting customers affected by catastrophes