Businesses can grow trust by proactively engaging in reform, according to Suncorp Personal Insurance CEO Mark Milliner.

He says businesses create risk by being too passive.

“This is somewhat ironic when businesses’ biggest criticism of government is inaction,” Mr Milliner said in a speech to the Committee for Economic Development of Australia.

He says there have been seven insurance sector inquiries in the past year, but many focused on issues the industry could have addressed itself.

Transparency in financial services is a good example.

“Why should we complain when governments reform industry practices, when we fail to reform ourselves in many areas? The norm should be that businesses reform themselves and their industry practices.”

Mr Milliner says technology can both enhance and destroy trust.

On the downside, it provides a digital platform for those wishing to attack companies and their reputations.

But technology can also give a deeper understanding of people and their behaviour.

“In my industry, tools such as telematics illustrate how technology can enable business and community benefits,” Mr Milliner said. “Right now we have 100,000 customers with AAMI safe driver apps monitoring the quality of their driving and rewarding them for driving safely.

“This is great for AAMI, great for the community and great for road safety.”

He says the digital world is here to stay and must be embraced, and there is no better time to innovate and reform.