Mr Machell assumes the position left vacant following the retirement of Geoff Ricketts in September last year, who had been a director at Suncorp Group for almost two decades.
“Simon has extensive experience as both an executive and a non-executive director of insurance businesses and the broader financial services sector in Australia and overseas,” said Suncorp group chairman Dr Ziggy Switkowski.
“Additionally, he brings insights into emerging technologies and new business models,” added Dr Switkowski.
Mr Machell has three decades of experience in general and life insurance businesses across the UK, Europe and Asia, and has held a range of senior executive positions at Aviva and Norwich Union, and had also formerly been chief executive officer of the Asia-Pacific Region at MLC Wealth Management Limited.
A qualified chartered accountant, the new Suncorp board member also has experience in audit and is a Fellow of the Institute of Chartered Accountants in England and Wales.
Mr Machell is currently the non-executive director at Tesco Financial Services and Pacific Life Re and is also a non-executive director and chairman of the Risk Committee at Prudential Corporation Asia.
In addition, he holds the position of chair at Tesco Underwriting.
[Related: Suncorp chief steps down]
Annie Kane is the editor of The Adviser and Mortgage Business.
As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts.