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Wednesday, 09 August 2023 11:55
Successful completion of FY23 plan supported by ‘tech transformation’: Suncorp Featured
By Gordon Peters
Financial services company Suncorp Group says tech transformation including digitisation, automation and artificial intelligence (AI) have helped support its performance in the financial year 2023.
Announcing its FY23 results today Suncorp says its FY21-23 plan emphasised the importance of being technology-enabled as a strategic pillar, and highlighted the significant progress made to deliver improved outcomes for customers and employees, as well as driving growth and greater efficiencies across the business.
Suncorp Chief Information Officer, Adam Bennett, said successfully completing the FY21-23 plan marked a significant milestone for the organisation.
“Technology, as a key enabler of the FY23 plan, has continued to drive operational transformation, utilising digitisation, automation, and AI across the value chain. We have empowered our people to think and work differently and this has been a critical component of our success,” Bennett said.
“The investment and efforts of our people to deploy innovative technology solutions has made things simpler and easier for our customers, helping make us a more efficient and effective organisation.
“We will continue to simplify and modernise our core tech platforms as we move into our FY24-26 plan, including completing our cloud migration by the end of the year,” he said.
Digital becomes ‘channel of choice’
Suncorp says “agile teams of technologists and insurance experts have worked together to help customers to flock to digital as their channel of choice”, with the number of unique digital users growing to five million in FY23.
According to Suncorp, digital transactions increased for the Group’s mass insurance brands across Home, Motor and CTP products representing 68 per cent of all sales and 44 per cent of all service transactions, up from 49 per cent and 29 per centrespectively at the start of the plan period, while around two thirds of mass brand renewals are completed digitally.
“Home and Motor digital claim lodgements increased from approximately 20 per cent of all lodgements to approximately 50 per cent (and higher for natural disaster events) following enhancements to the digital lodgement process over the past three years.”
“Suncorp has continued to lead the insurance industry in deploying automation to reduce manual processes, enabling its people to focus on high-value tasks. The Group has deployed more than 465 robots, automated over 24 million transactions, and saved up to 600,000 hours in FY23.
“Expanded conversational AI chatbot capabilities have more than quadrupled the annual interactions with customers since 2021, delivering nearly 1.9 million chatbot conversations in FY23. This included the launch of a chatbot to assist customers to temporarily authenticate themselves to complete cancelation of their policy digitally if required. As the same pattern applies to policy query and management requests, it opens the door for future integration with widely used AI digital assistants such as Alexa, Siri, and Google Assistant and future implementation of Generative AI and Large Language Model’s capabilities.
“Over the past year, Suncorp launched a customer identity and verification voicebot into our sales, service and motor claims contact centres, powered by Google speech recognition technology. The voicebot asks customers their identification questions before they reach our team members on the phone, reducing average handling time, customer wait times and enables our teams to focus on assisting with enquiries.”
‘Enhancing pricing and risk’ selection
“Overhauling Suncorp’s legacy pricing system was one of the most critical initiatives delivered in the FY21-23 plan period. Suncorp’s new Customer and Pricing Ecosystem (CaPE), that enables more dynamic and accurate pricing, was launched for home policies in November 2021 and for motor in February this year,” notes Suncorp.
“For commercial policies, Suncorp has delivered the first phase of the new Intermediated Small and Medium Enterprises (iSME) Platform. iSME enhances pricing and risk selection and improves the broker experience. The capability was delivered for new business on the Vero Edge Platform in the first half of FY23.”
“Despite the focus on digitisation and automation, Suncorp’s people were at the heart of the success. A transformation of ways of working, leveraging Suncorp’s strong agile heritage, has been rolled out across more than 3,000 employees,” Suncorp observes.
“This has resulted in a 60 per cent uplift in total number of initiatives delivered, a 10 per cent reduction in time to deliver, and a 12 per cent uplift in team health across our Insurance Australia change teams since the launch of our Momentum ways of working last year.
“Earlier this year, in collaboration with Amazon Web Services (AWS), Suncorp launched its first CloudUp for Her Cloud Practitioner’s in-house training program – a flexible, eight-week, community-based learning program for women to learn the basics of cloud computing, with 1 in 12 of women at Suncorp signing up.
“To deliver its multi-cloud strategy, Suncorp has established strategic partnerships with global leaders, including AWS and Microsoft, to accelerate its ability to build and deploy digital solutions for customers and foster collaborative hybrid working,” Suncorp concluded.
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