Australia’s insurance companies are some of the most generous dividend payers on the market. Although there are a good number to choose from, my pick of the bunch would have to be the rejuvenated Suncorp Group Ltd (ASX: SUN).

After several mixed years, under new CEO Michael Cameron I believe the new look Suncorp is now heading in the right direction.

Under its “One Suncorp” strategy the company has simplified things for its customers by giving full access to all of its brand’s products through its online marketplace. This allows customers to select their own solutions based on prior product purchases.

The strategy was adopted to combat the ineffective practice of cross-selling and management is confident that it will deliver results in the medium term.

Another part of the strategy will see the company move away from the traditional bank branch with the launch of its first concept store in December. These concept stores will look and feel more like a Telstra Corporation Ltd (ASX: TLS) retail store than a bank branch.

From what I have seen they look far more inviting than a traditional branch and a great way for the company to promote its huge range of products.

Which today just increased further. An announcement out of the company this morning reveals the expansion of its partnership with health insurance provider NIB Holdings Limited (ASX: NHF) to launch a suite of new private health insurance solutions.

The release reveals that Suncorp will market the products and NIB will act as the underwriter, handle claims, and provide administrative support.

Overall I feel the One Suncorp strategy is a great initiative and expect it to drive earnings and dividend growth over the next few years.

Which will make its huge dividend hard to refuse. At present Suncorp’s shares are forecast to provide investors with a fully franked 5.8% dividend in FY 2017 according to CommSec.

That puts it well ahead of rivals Insurance Australia Group Ltd (ASX: IAG) and QBE Insurance Group Ltd (ASX: QBE) which are forecast to provide 5% and 4.3% dividends respectively.

At the current price and yield I feel Suncorp is a great buy for income investors with a compelling risk/reward.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.