Suncorp eyes ‘boundless’ partnership opportunities
Suncorp is on the lookout for more partnerships that benefit brokers and customers. “I think the opportunities for partnership are boundless,” CEO Customer Marketplace Pip Marlow told the Suncorp Synergy forum for intermediaries. “There are no boundaries here if we think about embracing the technology and embracing the pace of change and doing things in the right way.” Ms Marlow says a recent deal with financial advisory group Yellow Brick Broad offers another way to extend distribution, while the Suncorp Benefits program has teamed with a range of suppliers to offer discounts and rewards. “We are working with one of our [insurance] brokers right now to rebadge this program so they can take this offering to their customers.” Suncorp has integrated IBM Watson artificial intelligence into motor claims handling and has partnered with fintech Traity, which has developed a product called Trustbond that takes account of a person’s digital reputation for rental bond payments. The group is also interested in innovations and partnerships for “adjacencies” that complement its offering, Ms Marlow told the forum. Suncorp Banking and Wealth CEO David Carter says the financial sector will face more regulatory reform after the Hayne royal commission, and he forecast the Banking Executive Accountability Regime will be extended beyond banking. Executives also highlighted financial sector trust issues and the increased focus on meeting customer needs. “Our conduct and our practices are being examined like never before and customer, community and government expectations are changing,” Insurance CEO Gary Dransfield said.