Suncorp Group Limited has announced a revamp of its senior executive line-up moving all of its insurance businesses under a single executive, days after announcing modest growth in its life insurance business.
The shift of roles and responsibilities is part of wider change to a new operating model which was announced by Suncorp, Chief Executive and Managing Director, Michael Cameron with the group to continue to offer products and services in the areas of banking, wealth management and insurance in Australia and New Zealand.
Cameron said the business units would now each be responsible for product design and manufacturing, claims management and end-to-end responsibility for the statutory entities.
Under the new model Anthony Day has been appointed Chief Executive Office – Insurance from 1 March 2016 and will oversee the product development and pricing, capital and reinsurance, claims management and operational delivery for Personal, Commercial and Life insurance services.
Day was previously Chief Executive Office – Commercial Insurance while life insurance was under the oversight of Suncorp Life, Acting Chief Executive, Jeremy Robson.
Suncorp also created a Customer Experience function which will shape product innovation and marketing strategies and a Customer Platforms function to allow its customers access to any Suncorp product and any Suncorp brand via any channel, including a digital marketplace.
The announcement of the restructure follows the recent release of Suncorp’s half year figures in which Suncorp Life posted a net profit after tax of $53 million but stated profit was affected by investment market volatility.
However, with three consecutive reporting periods of positive experience for both lapses and claims, Suncorp said it believed its assumptions were appropriate with total in-force annual premiums up by 5.2% highlighting the groups focus on retention and ensuring new business was written on a more sustainable footing.
Oh dear. Yet another overpaid exec who does not understand the differences in culture between life insurance and general insurance businesses. Good luck with that !
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