Wednesday, 21 August 2024 23:13

How Suncorp is turning insurance and finance into a tech powerhouse

By

Insurance and finance giant Suncorp is reaping big rewards. from smart tech investments, its FY2024 results show.

Ordinarily, when you think of insurance you might imagine beige offices filled with actuaries and paper files, and not quite the image you conjur of an exciting, transformational workplace. However, Suncorp Group is telling a different story. iTWire saw its recent FY2024 results and latest strategy announcement, finding the Aussie financial heavyweight - home to such brands as Suncorp (of course), AAMI, GIO, Bingle, Apia, and more - is proving that with the right tech moves, even the most traditional industries can drive major transformation, future-proofing themselves while delivering standout customer experiences. Suncorp’s latest strategy underscores how a forward-thinking approach to AI, automation, and cloud technology is setting it up to stay ahead in an increasingly digital world.

A new strategy built on solid tech foundations

Suncorp's recently announced FY24 results reveal more than just strong financials—they highlight how strategic tech investments are at the core of the insurer’s bold vision for the future. From completing a massive cloud migration to doubling down on AI and automation, Suncorp has laid the groundwork for a modern, resilient enterprise.

Over the past year, the insurer achieved several technology milestones that have put it in a prime position to lead the market. These include revamping core data and customer platforms, completing a significant cloud transformation, and optimising internal technology environments. According to Suncorp group executive technology & operations Adam Bennett these initiatives are not just about upgrading systems—they’re about creating the backbone for a tech-first strategy focused on innovation.

Cloud migration: a key step in next-gen capabilities

One of Suncorp’s standout achievements is its ambitious cloud migration. The insurer has now moved 90% of its technology workloads to public cloud environments, a move that positions it as a leader in Australia’s financial services sector. By embracing public cloud technology, Suncorp has not only simplified its tech landscape but also paved the way for more seamless adoption of AI and other next-generation capabilities.

Suncorp executive GM of technology infrastructure Charles Pizzato sees this as a game changer: “We’re now set up to deliver faster service updates, improved security, and greater cost efficiencies, which ultimately result in better customer experiences.”

Data-driven transformation

Suncorp is not just amassing data—it’s turning it into actionable insights that drive real-world benefits. The company recently completed a five-year overhaul of its legacy data platforms, moving to a cohesive, cloud-based ecosystem that supports advanced AI use cases. This investment is enabling smarter, more data-driven decisions, whether it's pricing strategies or personalized customer interactions.

The rollout of a new, user-friendly web-based insurance administration system is also making life easier for brokers, with faster quotes and streamlined communication.

AI: the not-so-secret sauce

AI has been a staple of Suncorp’s strategy for years, and its FY24 results show just how much momentum the company is building. With over 2.4 million digital conversations handled by AI chatbots, Suncorp is setting records for customer engagement while freeing up human agents to focus on complex tasks. The company’s plan for the next three years puts AI—and specifically Generative AI (GenAI)—at the center of everything from customer service to claims processing.

Suncorp is already deploying GenAI at scale, with over 20 use cases in the pipeline for the coming year. For example, the "Single View of Claim" initiative leverages GenAI to help claims managers process information more efficiently, cutting review times from 30 minutes to just a few clicks. Meanwhile, the "Smart Knowledge" assistant empowers customer service agents with real-time answers and insights, reducing friction and improving response times.

Tech-driven efficiency and a better customer experience

Beyond the flashy AI tools, Suncorp’s tech investments are delivering tangible results. The company has automated 470 processes, saving up to 940,000 work hours and streamlining 30 million transactions. And with three-quarters of its customers purchasing insurance products digitally, Suncorp is meeting customers where they are—online, and on their terms.

One interesting highlight is the AAMI Driver Rewards app, which has analysed over 270 million kilometers of driving data. By giving drivers personalised insights, the app has helped nearly 40% of users improve their driving scores, reinforcing Suncorp’s commitment to customer safety through technology.

The road ahead: scaling AI and embracing the future

Suncorp isn’t slowing down. With its new FY25-27 strategy, the insurer is looking to fully capitalise on AI and cloud platforms to stay competitive in a fast-evolving industry. Bennett says the goal is to “reshape the value chain,” using GenAI for everything from product innovation to fraud detection.

As Suncorp continues to push the envelope on tech-driven innovation, one thing is clear: this “boring” insurance company is anything but. By embracing cutting-edge technology, Suncorp is not just staying relevant—it’s setting a new standard for what a smart, modern insurance company looks like.

 

Read 2148 times

Please join our community here and become a VIP.

Subscribe to ITWIRE UPDATE Newsletter here
JOIN our iTWireTV our YouTube Community here
BACK TO LATEST NEWS here




WOMEN IN PROCESS MINING VIRTUAL EVENT

Enterprises are looking to integrate AI into process mining to future proof their operations.

The recently formed Australian chapter of Women in Process Mining (WIPM) is hosting a Zoom event from 1pm to 2pm on November 14 on the topic Using AI for Process Optimisation.

WIPM is a community designed for women in process mining; to strengthen their leadership, magnify their influence, and pave the way for process mining together.

The event is being hosted by Chapter Leads Kanika Goel, PhD, Claudia M., and Susana Zavaleta, with special guest speaker Jack Basley from global process mining leader Celonis

Register for the Zoom event now!

REGISTER!

PROMOTE YOUR WEBINAR ON ITWIRE

It's all about Webinars.

Marketing budgets are now focused on Webinars combined with Lead Generation.

If you wish to promote a Webinar we recommend at least a 3 to 4 week campaign prior to your event.

The iTWire campaign will include extensive adverts on our News Site itwire.com and prominent Newsletter promotion https://itwire.com/itwire-update.html and Promotional News & Editorial. Plus a video interview of the key speaker on iTWire TV https://www.youtube.com/c/iTWireTV/videos which will be used in Promotional Posts on the iTWire Home Page.

Now we are coming out of Lockdown iTWire will be focussed to assisting with your webinars and campaigns and assistance via part payments and extended terms, a Webinar Business Booster Pack and other supportive programs. We can also create your adverts and written content plus coordinate your video interview.

We look forward to discussing your campaign goals with you. Please click the button below.

MORE INFO HERE!

BACK TO HOME PAGE
David M Williams

David has been computing since 1984 where he instantly gravitated to the family Commodore 64. He completed a Bachelor of Computer Science degree from 1990 to 1992, commencing full-time employment as a systems analyst at the end of that year. David subsequently worked as a UNIX Systems Manager, Asia-Pacific technical specialist for an international software company, Business Analyst, IT Manager, and other roles. David has been the Chief Information Officer for national public companies since 2007, delivering IT knowledge and business acumen, seeking to transform the industries within which he works. David is also involved in the user group community, the Australian Computer Society technical advisory boards, and education.

Share News tips for the iTWire Journalists? Your tip will be anonymous

Subscribe to Newsletter

*  Enter the security code shown: img0

WEBINARS & EVENTS

CYBERSECURITY

PEOPLE MOVES

GUEST ARTICLES

Guest Opinion

ITWIRETV & INTERVIEWS

RESEARCH & CASE STUDIES

Channel News

Comments