During the Suncorp Group Investor Day last week, chief executive and managing director Michael Cameron unveiled the ‘One Suncorp’ business model – a customer platform that will provide easier access to all of its products and services.
At the moment, the brands under the Suncorp umbrella, including AAMI, GIO and Asteron Life, operate independently.
The move comes as Suncorp seeks to stabilise its costs, Mr Cameron said.
“This is a low risk strategy. It’s a great way to connect and retain customers,” he said.
“Our branches are going to become Suncorp stores where our customers can get access to all of our products, all of our services, all of our brands.”
Suncorp chief customer experience officer Mark Reinke said there are plans to consolidate as well as drop a few brands.
“We think the portfolio is not so much too large but too complex for us to be able to execute at the level that we want over time. I expect by Christmas we’ll take one or two brands out,” he said.
“They’ll probably be some of our smaller brands. We’ve got to be very careful about how we do that.”
However, Mr Cameron added that there is no timeline for the new model.
“This process will never finish. We’ll never get to the end. We will continue to release new versions, new updates, new apps, new stores along this journey as we create value for our customers,” he said.
“Cross-selling products to customers just doesn’t work ... We’re uniquely positioned to be able to establish a financial services marketplace and give access to our customers to all of our products, all of our services, all of our brands, through all of our channels and to help them navigate that process.”
Suncorp announced in November 2015 that it will no longer manage its Guardian Advice and Suncorp Financial Planning licensee in order to “simplify its distribution model”.
[Related: Former ANZ tech boss joins Suncorp]