Application of Balanced Scorecard in Suncorp Group

Suncorp Group Limited

Executive summary
This report has included the balanced scorecard and implementation of a balanced scorecard in
Suncorp group. It is analyzed that the balanced scorecard is helpful in Suncorp Group as it helps
in improving the performance and measuring the performance of the company effectively. The
various features of balanced scorecard are helpful for an organization and for improving the
performance in future. It provides various benefits for strategic performance management. It is
analyzed that the balanced scorecard is effective for Suncorp Group. It can help the company in
improving the various business functions like financials, administration and selling and
distribution.

Contents
Introduction......................................................................................................................................2
Description of the chosen company.................................................................................................2
Balance score card and its features..................................................................................................3
Difference between BSC and traditional performance measurement systems................................5
Suitability of BSC............................................................................................................................6
Conclusion.......................................................................................................................................6
Reference.........................................................................................................................................7

Introduction
Balance scorecard is an essential tool for measuring the performance of the employees in the
organization. This report includes the application of a balanced scorecard in Suncorp Group
which deals in banking services and financial services. It is important for the company to
implement a balanced scorecard for managing the employee's performance for achieving the
objectives of the company. This report includes the Balance scorecard and its various features
and analyzes the difference between traditional performance measurement systems and balance
scorecard. The balanced scorecard system is suitable for the Suncorp group as it includes the
number of employees and activities which are required to be monitored for improving future
performance. Balance scorecard helps in measuring the performance which includes the different
groups are financial, internal business process, customers and learning, and growth. It is used by
the management for the strategic planning and techniques for management.
Suncorp Group
Suncorp Group Limited is a public company that deals in general insurance, banking, Life
insurance, wealth management, and superannuation. It was founded in 1996 and its headquarter
is in Brisbane, Australia. The areas in which they provide the services are Australia and New
Zealand. It is the leading company in providing financial services to customers. they provide the
services to approx. 9 million customers and a number of employees are 13,300 and own $99
billion assets (Kliger, 2016). The other brands of Suncorp are AAMI, GIO, Apia, and Vero.
They provide the various services and solutions to the customers by protecting the most valuable
assets of the customers, they enable the business for achieving the full potential by setting the
objectives, helps the customers in achieving their financial goals, deliver the exceptional and
seamless experiences to customers (Bostan and Grosu, 2011). They are partnering through
strategic alliances, partnerships, and joint ventures to meet the needs of more customers. Their
purpose is to create a better way for their customers, shareholders, people, and communities.
Suncorp Group provides the various financial services to customers along with the non-financial
services as well as helps in improving the performance of employees for making effective
decisions. The major factors which are to help in Suncorp Group are financials, customers,
internal business processes for the learning and growth of the organization. Their principles are
resilient people and communities, trust and transparency, responsible financial services and