Aussie insurer Suncorp announces major changes

Aussie insurer Suncorp announces major changes | Insurance Business

Aussie insurer Suncorp announces major changes
Suncorp has announced that its life business will begin a six months transition out of its self-employed aligned adviser networks, Guardian Advice and Suncorp Financial Planning, in a bid to simplify its distribution model.

The company said that by mid next year, the business will no longer manage the self-employed networks.

Acting CEO of Suncorp Life, Jeremy Robson, said that the decision followed much consideration but highlights the direction of the business.

“We have made the decision to simplify our distribution model in line with our strategic priorities and in the interests of advisers and customers,” Robson said.

“We’re focused on working with our independent adviser and direct distribution businesses to support the evolving needs of customers.

“Over the next six months we will be working closely with both the Guardian Advice and Suncorp Financial Planning advisers to explore options such as transitioning them to other licensees in the market if they choose.”

The changes, which will not affect customers, will affect around 170 jobs of self-employed aligned advisers Money Management reported, as Robson continued that the business will help those affected throughout the transition.

“Our immediate goal is to work closely with advisers to identify their options and make the transition as easy as possible,” Robson said.