Suncorp

Financial Context

Illustrative wage differential: if the 4,500+ reported offshore roles were instead employed in Australia at average local rates, the additional cost could be in the order of ~$383M/yr (~34.8% of reported net profit). This is an estimate based on industry averages, not company-specific data.

Would this company be profitable without offshoring?

Every dollar paid offshore leaves the Australian economy — reducing local wages, tax receipts, and economic circulation. Why it matters

Financial data: FY2024. Estimate uses avg AU employment cost of $110,000+/yr (incl. super and on-costs) vs offshore $25,000/yr (salary + on-costs). Actual figures vary by role, seniority, and location.

In Plain English

• In 2024, Suncorp was reported to have 4,500+ offshore contractors and staff.
• This represents ~34.6% when compared to its current workforce of 13,000 (illustrative comparison only — not directly reported by the company).
• 🇮🇳 2,475+ staff reported in India in IT.
• 🇵🇭 1,665+ staff reported in Philippines in Customer Support.
• Known outsourcing partners include Accenture, Capgemini, Tech Mahindra, Cognizant Worldwide Limited.
• 30 Australian jobs have been cut.

Based on data from public sources at the dates reported. Figures may not reflect current headcount. See sources below for full attribution.

The Story

• November 2011Suncorp eliminated approximately 50 back-office jobs, outsourcing to Mumbai-based World Network Services (WNS). 29 full-time and 20 contractor positions in the claims centre payments team were cut. [Investor Daily]
• February 2012Indian media reported a contract worth approximately A$285 million over 5 years with WNS, claiming 2,000 jobs would move to India. Suncorp denied this, calling it "speculative." Genpact was also named as a vendor. [Insurance News]
• July 2013Analysis by outsourcing adviser Swamy and Associates found Suncorp had passed 1,500 full-time offshore employees, making it Australia's #1 offshore employer among financial services firms — ahead of ANZ (7.45%), Westpac (6.05%), and QBE (4.29%). [Motley Fool]
• April 2025Suncorp cut 30 of 70 motor claims coordination roles, moving functions offshore. This was announced despite a 89% increase in net profit to $1.1 billion in H1 2025. [Insurance Business]
• April 2025The FSU called the cuts "a slap in the face" and noted it had previously blocked a similar attempt to offshore weekend motor claims work. [Paint & Panel]

All facts sourced from public reporting. No editorial commentary. Click source links to verify.