Suncorp
ASX:SUNInsurance and banking group. Brands include AAMI, GIO, Apia, Bingle.
Estimated % of Workforce
~34.6%
illustrative, not directly reported by the company
Destination Countries
Modern slavery statement: "Suncorp engages six ITO partners and three BPO partners. As at June 30 2025, approximately 4,500 partner employees." BPO in India and Philippines. 7% onshore, rest offshore.
Financial Context
Market Cap
$17.0B
Revenue
$14.5B
Net Profit
$1.1B
Estimated Wage Differential
~$383M/yr
CEO: Steve Johnston
$6,500,000
83x avg Australian worker
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
- 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]
- 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]
- 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]
- 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]
All facts sourced from public reporting. No editorial commentary. Click source links to verify.
Department Breakdown
| Department | Country | Headcount | Confidence |
|---|---|---|---|
| IT | 🇮🇳 India | 2,475 | Estimated |
| Customer Support | 🇵🇭 Philippines | 1,665 | Estimated |
Layoff Events
| Date | Headcount | Location | Department | Notes |
|---|---|---|---|---|
| 12 Apr 2025 | 30 | Australia | back_office | Suncorp cut 30 of 70 motor claims coordination roles, moving them offshore. Announced despite 89% profit increase to .1 billion. |
Consultancy Engagements
| Vendor | Type | Contract Value | Status |
|---|---|---|---|
| Accenture | Managed Services | — | Confirmed |
| Capgemini | Managed Services | — | Confirmed |
| Tech Mahindra | BPO | — Brighter Super (Suncorp Super) back-office administration since Nov 2019. Supported mergers quadrupling fund size. 20-24% fee reductions. | Confirmed |
| Cognizant Worldwide Limited | BPO | — | Confirmed |
Other Insurance Companies That Offshore
Other companies in insurance with reported offshore operations.
| Company | ASX | Reported Offshore | Offshore Destinations |
|---|---|---|---|
| QBE | QBE | 2,383+ | 🇵🇭 Philippines |
| Insurance Australia Group | IAG | 200+ | 🇵🇭 Philippines🇻🇳 Vietnam🇮🇳 India |
| Allianz Australia | 186+ | 🇮🇳 India | |
| Bupa Australia | 146+ | 🇵🇭 Philippines | |
| Medibank Private | MPL | 56+ | 🇮🇳 India🇵🇭 Philippines |
What Public Sources Say
All information below is sourced from publicly available documents and reporting. Excerpts are direct quotes. Click source links to verify.
“Suncorp cut 30 of 70 motor claims coordination roles, moving them offshore. Announced despite 89% profit increase to .1 billion.”
Additional Sources
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This list is not complete, and never will be
If a company isn't listed here, that doesn't mean it doesn't offshore. And every number is the lowest we can prove, so the real figures can often be higher.
Read whyShow less
This list is not complete, and never will be
If a company isn't listed here, that doesn't mean it doesn't offshore. And every number is the lowest we can prove, so the real figures can often be higher.
This started as an ASX 200 project and mostly still is. It has widened as stories landed from outside that list, so it now also covers employers that aren't ASX-listed, like Canva, Allianz Australia, SS&C and Crown Resorts, along with government departments and agencies. Companies get added when something surfaces about them, not by working through a list in order.
Australian companies are under no obligation to disclose where their work is done, and there is no register of offshored jobs. Everything here comes from something that surfaced publicly: an annual report, a modern slavery statement, a news article, a union statement, a government contract, or a tip from someone who was there.
So an absence usually means nobody has reported on that company and we haven't got to it yet, not that it keeps its work onshore. Some of the biggest offshorers say nothing at all. And because each figure counts only what a source actually stated, the real numbers can often run higher, sometimes much higher.
Every figure links to the source it came from, so you can judge it yourself rather than take our word for it. If you know something that is missing or wrong, tell us. Corrections are published, not quietly buried.
This profile reflects public information at the time of publication and may not match current operations. Is something wrong or missing about Suncorp? Submit a correction. We welcome input from companies, employees, and researchers.