Insurance, investment, and superannuation are three interrelated concepts that have received great financial attention in contemporary times. A study by Sy (2011) indicates that Australian citizens have given devoted attention to insurance stakeholders with the aim of securing their future. The present essay sets out to present a background to Suncorp Insurance and its role in the insurance industry. The paper contends that Suncorp Insurance is an important stakeholder in the Australian economy and researchers should investigate its operations to apply its principles in their firms.
Description of the Stakeholder
Suncorp Insurance Company is one of the leading Australian firms dealing in insurance, superannuation, and investment. According to Tarr (2011), Suncorp Insurance provides comprehensive cover for many clients who seek investment and superannuation services. Started in 1902, Suncorp is rated among the top twenty insurance firms in Australia. From the company’s website, it is evident that there are 13500 employees and the firm has assets worth $96 billion. Headquartered at Brisbane, Australia, Suncorp is an award-winning company due to its engagement in community work and the brightening of retirees' lives.
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Suncorp Insurance plays many roles in the financial system. First, Recker (2012) observes that the firm provides motor vehicle insurance. Personal insurance is another service offered by the company. From the information retrieved from the Insurance firm’s website, it is clear that the company supports graduate programs which take two years for interns to gather requisite professional skills in insurance the industry. Corporate governance is adopted by Suncorp due to its many branches that deal in various products. In a statement on corporate management, Suncorp Group Limited (2018) points out that the company relies on executive officers and directors to run the company. The operations of the company are met by insurance premiums, interests on loans and investment income among others.
Suncorp Insurance in Relation to the Content Knowledge
There exists a clear relationship between the activities of the insurance firm and the materials provided in the present course. For instance, it is apparent that Suncorp engages in saving, wealth creation, expenditure and risk management. In the opinion of Kidwell et al. (2018), serious insurance firms should explore these themes to secure the future of clients whose demands are innumerable.
Second, the activities of Suncorp neatly reflect the tenets of the materials presented in the course. For instance, Kidwell et al. (2018) observe that insurance companies should provide clients with a series of services such as reinsurance, underwriting, co-insurance, and business overhead insurance among others. Kidwell et al. (2018) further document that clients are drawn to firms with sustainable saving plans that guarantee a comfortable future in these challenging times. This paper finds that Suncorp is a stable stakeholder that meets the demands of clients in its services and operations.
Investment funds make Suncorp a relevant stakeholder that enriches the lives of clients. According to Kozmenko and Roienko (2013), sustainable insurance firms are those which integrate investment opportunities in their services. Suncorp, therefore, meets the requirements of contemporary insurance forms because it offers common funds, statutory funds of life, friendly societies and CMT benefits among others.
Concisely, Suncorp Insurance is an important stakeholder in the Australian economy. This paper has established that this insurance company operates to improve the investment, insurance, and superannuation of clients. It is the conclusion of the essay that insurance firms in Australia and other parts of the globe should emulate the management structure, types of services and products offered in this highly ranked firm. This way, materials gathered from benchmarking will be used to improve the performance of insurance firms.
References
Kidwell, S. D., Brimble, M., Docherty, P., Mazzola, P., & Basu, A. (2018). Financial Markets, Institutions and Money, 4th Edition. New York, NY: Wiley
Kozmenko, O., & Roienko, V. (2013). Evaluation and Use of Indicators of Insurance Companies' Investment Activities. Investment Management and Financial Innovations , 10 (3), 97-105.
Recker, J. (2012). Class notes BPM research and education. San Francisco, CA . Retrieved from https://eprints.qut.edu.au/53515/2/53515.pdf
Suncorp Group Limited (2018). Corporate Governance Statement 2018-2019. Retrieved from https://www.suncorpgroup.com.au/uploads/Corporate-Governance-Statement.pdf
Sy, W. N. (2011). Redesigning choice and competition in Australian superannuation. Rotman International Journal of Pension Management , 4 (1), 52-61.
Tarr, J. A. (2011). Floods, earthquakes and insurance coverage: Issues, problems, and solutions. Australian Business Law Review , 39 (2), 111-120.
