CEO, Michael Cameron
, has said that the business could “probably drop a couple” of its brands as the business looks to differentiate its businesses.
The Sydney Morning Herald
reported that Cameron, who took on the CEO role in October 2015
, will look to cut claims costs for the business as well as outline the differences between the 14 brands that currently fall under the company umbrella.
"If I talked about APIA, you'd know what that's for – if I talked about Shannon, you'd know exactly what that's for," Cameron said of two Suncorp
brands for older Australians and car enthusiasts.
"But if you talk about GIO ... AAMI and Suncorp
, it's not as clear," Cameron said. "What I want to get is clear differentiation of each of the brands."
Cameron noted that Suncorp
was spending "a lot of money maintaining its swath of brands, and some of them were not as relevant as others,” and said the business could better allocate resources to those successful entities.
"We'd probably drop a couple," Cameron continued.
In February, Suncorp announced a $100 million dip in profits
and Cameron noted that that business took “immediate action,” in the wake of the result and claims costs remain a top priority.
"We have taken immediate action, we have been very decisive in approaching it, and we're seeing some good indicators coming through that we're making progress in resolving the issue," Cameron said according to the Sydney Morning Herald.
"It [dealing with working claims] is my No. 1 priority to fix."