Insurance Australia Group (IAG) has entered a three-year partnership with Aboriginal-led charity First Nations Economics (FNE) to support Aboriginal and Torres Strait Islander women studying finance, economics, and business, with links to potential careers in insurance and other corporate fields. Announced on March 5, the arrangement centres on the Leah Armstrong Scholarship and involves a $120,000 commitment over the period from 2026 to 2028.
The funding will support two scholarship recipients across the three years and is intended to provide financial assistance, mentoring, and workplace exposure during their tertiary study. The scholarship is structured to address financial and structural barriers that Aboriginal and Torres Strait Islander women may encounter in accessing and completing university qualifications. In addition to tuition and living support, recipients will receive mentoring, development activities, and access to professional networks relevant to financial services, insurance, and other corporate roles.
The partnership is one mechanism to increase participation by First Nations women in finance and insurance roles. IAG chief financial officer William McDonnell said the agreement is intended to provide entry points into the sector. “IAG is delighted to partner with First Nations Economics to create real pathways into finance and insurance careers. We look forward to supporting the successful applicants through their education and transition into professional roles, building future capability for our organisation and the broader industry,” McDonnell said.
Scholarship holders will be offered the option to undertake paid internships at IAG while they complete their degrees. These placements are expected to provide exposure to functions such as finance, underwriting, risk, and operations, subject to business requirements and candidate interests. On graduation, scholarship recipients will be invited to apply for IAG’s graduate program, giving them a possible route from university into ongoing roles within the insurer’s Australian and New Zealand operations. Applications for the 2026 round of the Leah Armstrong Scholarship have closed. IAG plans to announce the first recipients at an award event in late March.
The scholarship partnership sits within IAG’s broader Reconciliation Action Plan (RAP) program. The insurer has maintained a RAP since 2013 and sets out reconciliation objectives across areas such as employment, procurement, and community engagement. On its website, IAG states: “We are guided by the knowledge and voice of Aboriginal, Torres Strait Islander peoples, and Māori businesses and communities to collaborate on Indigenous-led solutions that enable growth, develop resilience, and provide meaningful change.”
Under its 2025-2028 Stretch RAP, IAG has set targets that include increasing procurement spend with Indigenous suppliers by up to $10 million over three years, investing in career development for First Nations employees and creating more opportunities for those employees to move into leadership roles. The RAP also includes actions to adjust internal policies and processes to support what the company describes as a culturally safe and inclusive workplace. The Leah Armstrong Scholarship is one of the initiatives through which IAG applies these RAP commitments to specific education and employment programs linked to insurance and financial services.
IAG’s RAP activity sits alongside reconciliation programs at several other insurers in the Australian market. Suncorp Group operates under an Innovate RAP that covers employment, procurement, and community-related actions involving Aboriginal and Torres Strait Islander peoples. Allianz Australia has an Innovate RAP developed with Reconciliation Australia, with measures across governance, workforce, and community partnerships.
QBE’s Australian business is guided by an Innovate RAP that links reconciliation goals to its wider sustainability and inclusion work, including internal cultural training and First Nations employment initiatives. Zurich Australia has moved from a Reflect RAP to an Innovate RAP, with work under way on internal awareness, policy review, and engagement with First Nations stakeholders. In the health insurance segment, HBF Health Insurance reports having a RAP in place as part of its approach to First Nations engagement.
First Nations Economics is an Aboriginal-led charity registered with Supply Nation. It provides economic research, policy advice, and capacity-building services to First Nations communities and organisations and works on social, cultural, and economic issues identified by those communities. FNE managing director Shaun Cumming said the scholarship aligns with the organisation’s work on employment and participation in the economy. “The Leah Armstrong Scholarship is about opening doors and walking alongside women as they build confidence, capability, and careers. Partnering with IAG allows us to strengthen those pathways and connect First Nations women to real opportunities in finance and the corporate sectors, where their leadership and perspectives are needed,” Cumming said.
