Suncorp attuned to social priorities
Suncorp chief executive Patrick Snowball wants Australia's general insurance industry to improve business agility and flexibility, and increase leadership and become more socially responsible.He made the call in his first address to a major industry group since he became Suncorp CEO in September 2009 - at yesterday's National Insurance Brokers Association annual convention, held in Queensland.Snowball said the industry's priority was to run sustainable, value-adding businesses. Margin growth needed to improve by use of labour productivity and cost efficiency.Competition was now intense for experienced, capable people across the financial services sector. This would place a priority on appropriate people management systems."We should broaden our horizons and achieve a better balance between commercial and social priorities," he added.Snowball also warned of increased consumer attention to financial services and products such as insurance.And, "there may well be greater government and regulatory interest in our businesses - coinciding with growing community and investor expectations of responsible behaviour."He acknowledged that the contribution of the insurance sector was not as widely recognised as it should be.He also told delegates there was a similarity between the magnitude of the Federal Government stimulus and the ongoing "stimulus" provided by the insurance sector in the form of its routine payout on insurance policies. Insurance News Australia