Intermediaries 'key' to Suncorp NZ's new structure
New arrangement won't affect broker networks, Suncorp says, clarifying earlier NBR story
Suncorp New Zealand says its intermediary brokers, advisers, and corporate partners will continue to play a key part of its general and life insurance business.
On Wednesday it announced details of a corporate reorganisation of its New Zealand businesses, in which the Vero Insurance, Asteron Life, and AA Life brands will all sit under the Suncorp New Zealand name. The move is in line with Suncorp Group’s ‘One Company Many Brands’ strategy.
Suncorp NZ says the new arrangement does not signify any change for broker networks distributing its Vero and Asteron products, contrary to an earlier NBR story.
“We remain committed to strengthening and growing our business with our intermediated partners and customers in general insurance and life insurance markets,” said Suncorp New Zealand CEO, Paul Smeaton.
“Our model will expand choice, manage emerging risks and improve our service levels to ensure New Zealanders remain protected by the strength and breadth of our organisation.”
The Suncorp New Zealand senior leadership team:
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Nadine Tereora becomes executive general manager – customer experience.
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Adam Heath has been appointed executive general manager – portfolio and product.
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Cris Knell has been appointed executive general manager – distribution.
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Jimmy Higgins has been appointed executive general manager – claims.
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Adrian Tulloch continues his role as managing director – Vero Liability Insurance
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Peter Brown has been appointed chief financial officer until the end of the financial year, June 30 when he has decided to retire after 35 years
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Nigel Edmiston has been appointed chief risk officer.
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Terry Gaze has been appointed executive general manager – New Zealand technology, data and labs.
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Catherine Dixon has been appointed executive general manager – people experience.
The ASX-listed Suncorp Group recently reported a net profit after tax of $A530 million for the six months, which compares with $A631 million in the previous corresponding six-month period.
Suncorp will pay a dividend of 30Ac a share (38Ac in the previous corresponding period).
Mr Cameron is the recently appointed chief executive of the group and he recently said he would announce how the company “will engage in a way that is different from other financial service businesses.”
Suncorp’s New Zealand general insurance business via the Vero and AA Insurance brands contributed a trading result of $NZ83 million for the half year – down 17%, as a 15% increase in claims to $303 million offset a 2.7% increase in gross written premiums. These claims mainly relate to Christchurch settlements. The local market is characterised by competition among insurance companies for business from financial advisers.
The aim is to build a “multi-channel business” for personal and commercial insurance which includes services called Warehouse Money allowing customers to quote and buy online, and SumExtra which provides eligible policyholders with extra house cover at no extra cost.
Tune into NBR Radio’s Sunday Business with Andrew Patterson, launching this Sunday morning, for analysis and feature-length interviews.
Chris Hutching
Fri, 04 Mar 2016
Fri, 04 Mar 2016
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Intermediaries 'key' to Suncorp NZ's new structure
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