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.
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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.