Suncorp spotlights tech advancements amid strong financial results

Suncorp spotlights tech advancements amid strong financial results | Insurance Business Australia

Technology

Suncorp spotlights tech advancements amid strong financial results

Efforts set stage for future growth, says executive

Technology

By
Roxanne Libatique

Suncorp Group has spotlighted its significant technological advancements following the release of its FY24 financial performance report, showcasing how these efforts are shaping the company’s future direction.

The insurer detailed key milestones in cloud migration, platform modernisation, and artificial intelligence (AI) development, all contributing to its broader strategy of enhancing operational efficiency and customer experience.

Additionally, Suncorp implemented a new customer master data system, replacing older platforms with an updated ecosystem designed to improve the company’s operational processes and customer service. These changes are part of a broader effort to strengthen the company’s internal technology environment and reduce potential risks.

“Our success is only possible because of the strong collaboration between our technology and business teams enabled by changes we have made to our ways of working. In the last 18 months, we have doubled the volume and speed of technology change delivery. But most importantly, the teams delivering our achievements are more motivated and engaged than ever,” he said.

Despite the ongoing challenges of inflation, natural disasters, and changes in the global reinsurance market, CEO Steve Johnston highlighted the company’s robust performance.

“While the headline results represent strong increases on the prior year, it’s important to point out that the past three years have been very challenging,” he said.