IAG is the latest Australian insurer to contribute to a national program promoting economic resilience and inclusion, particularly for women.

The insurer has published a Financial Inclusion Action Plan (FIAP)–a series of measures aimed at making financial products more accessible.

Forty organisations have joined the FIAP program so far, including IAG, QBE and Suncorp. Together they employ over 250,000 Australians and count almost 80% of the national population as customers.

Good Shepherd, which leads the initiative, says 3 million people in Australia are severely or fully excluded from financial products like insurance. A “FIAP” agrees a set of practical actions an organisation will undertake to address this and improve financial inclusion.

IAG’s FIAP focuses on better identifying and supporting people who may experience financial exclusion due to culture, language, gender, disability or other life circumstances.

CEO Peter Harmer says IAG has gained a deeper understanding of its business and the impact it can have via the plan to achieve greater financial inclusion and resilience for customers, staff, suppliers and the wider community.

“We’ve already made many changes that we can be proud of, but we know we can do more,” he said. “This plan builds on the work we’re already doing while also considering new opportunities to help more people.”

IAG wants to simplify insurance by providing information in different ways, such as in languages other than English or by using technology, to ensure customers can access and better understand products and services, Mr Harmer says.

The company is taking steps to remove bias from recruitment practices to encourage a more diverse talent pool that better reflects society.

It is also introducing a “Customer Equity Framework” to guide identification and service of customers experiencing vulnerability, such as mental or physical disabilities or domestic violence, as well as creating a flexible and inclusive workplace with new training and support for employees.

IAG’s FIAP recommends working with a broader range of suppliers, including social enterprises and female or indigenous-owned businesses to aid the communities they support.

Good Shepherd CEO Stella Avramopoulos says insurance plays a vital role in increasing financial wellbeing.

“IAG…has joined an important Australia-wide movement that will create improved social and economic benefits for the community,” she said.

Earlier this month, the South Australian Council of Social Service (SACOSS) commended IAG’s Insurance 4 That policy which provides single-item options as an alternative to traditional contents insurance.

Suncorp’s Essentials by AAI, which allows use of Centrepay to manage payments, was also praised.

The FIAP initiative is part of the G20 Financial Inclusion Action Plan and the United Nation’s Sustainable Development Goals. The program has been developed in partnership with the Australian Government, EY and the Centre for Social Impact.

IAG’s FIAP is available here.