Cyclone Resilience Benefit wins innovation award
01 September 2017
Suncorp's Cyclone Resilience Benefit was recognised as the insurance industry's Innovation of the Year at last night's prestigious Australian Insurance Industry Awards.
The Cyclone Resilience Benefit (CRB), launched in March 2016, rewards customers in north Queensland with premium reductions of up to 20 per cent for making their homes more cyclone resilient.
To access the benefit, customers must implement certain features and measures that reduce the risk of damage caused by cyclones, such as roof upgrades, cyclone shutters on windows and roller door bracing.
More than 35,000 Suncorp customers in north Queensland have already received a benefit.
The CRB was developed as a result of Suncorp's partnership with James Cook University and Urbis on a world-leading study that utilised data from previous cyclones to understand the impact on homes how to best mitigate these risks.
The judges of the Australian Insurance Industry Awards praised Suncorp for “going above and beyond self-interest to address a considerable industry issue”.
The judges also remarked that the CRB would create far-reaching, mutual benefits for the insurance industry, customers and the broader community.
This is the second consecutive year Suncorp has won the Innovation of the Year category at the Australian Insurance Industry Awards, having won last year for tackling insurance affordability with its 'Essentials by AAI' offer.
The 14th-annual Australian Insurance Industry Awards, hosted by the Australian New Zealand Institute of Insurance and Finance (ANZIIF) and Asia Insurance Review, were announced at a gala ceremony at The Star in Sydney on Thursday, 31 August.