Suncorp on track for extended VeroEdge platform rollout

17 November 2022

Suncorp says it is looking toward the further rollout of its enhanced VeroEdge digital platform, which delivers faster response times and more immediate decisions for brokers through greater automation in underwriting.

“This was launched in August, initially to support new business for our small and medium enterprise packages proposition, and then we will continue to extend that through renewals and more seamless integration in some of the leading broking platforms in the market,” Chief Information Officer Adam Bennett told an investor briefing last week.

The platform allows more sophisticated information gathering to better inform risk selection and granular pricing and also has a more user friendly and functional broker interface, Suncorp says.

Mr Bennett told the briefing that more broadly across the commercial business the growth strategy is focussed on further enhancements to people and technology capability and driving improved outcomes through pricing, risk selection, disciplined portfolio management and claims.

The insurer is looking to grow its strong core portfolios and is pursuing greater penetration in attractive markets, while also exploring growth in “potential new emerging premium pools”, he said.

Suncorp commercial gross written premium (GWP) was $1.656 billion last financial year up from $1.559 billion in the previous period.

The group portfolio also included motor GWP of $3.41 billion, while home contributed $2.48 billion, compulsory third party $1.08 billion and workers’ compensation and other $631 million.

Suncorp says premium growth across the portfolio is in line with its expectations to date this financial year from both a volume and average written premium perspective, and it continues to target an underlying insurance trading ratio of 10-12%.

“That is despite the material increase in reinsurance costs, hazard allowances and inflation that we have experienced and that we have absorbed through the period of time that has passed since we first set that target,” Group CEO Steve Johnston said.