Major insurer unveils $75 million investment

Major insurer unveils $75 million investment | Insurance Business

Major insurer unveils $75 million investment
Suncorp has announced a $75 million investment in optimisation in a bid to strength then company’s financial future through efficiency savings.

The investment in the optimisation program will see the company streamline and put the company ahead of the curve when it comes to changes in technology and distribution.

Patrick Snowball, Suncorp Group CEO, announced the investment at the company’s Investment Day and believes the company will be able to build on the successful savings already implemented.

“Suncorp has an excellent track record of executing projects which have been instrumental in transforming the Group’s operations. Optimisation will put us ahead of the curve in meeting the ongoing challenges from our traditional competitors and disruptors in a digital world,” Snowball said.

“The Building Blocks and Simplification programs were completed on time and on budget delivering a stable cost base and improved shareholder returns.

“Advancing this strategy, we are making an investment of $75 million for the ‘Optimisation’ program of work. This will deliver $170 million of efficiency benefits in the 2018 financial year.”

Snowball, who will step down as CEO and replaced by Michael Cameron in October, said that the company has a unique proposition to customers and investors and will continue to thrive under new leadership.

“Suncorp has a unique DNA represented by world-class technology, industry leading people and a strong capability of execution. This allows us to continually improve the service to our customers and deliver strong returns to our shareholders.”