In line with our revised strategy, we engaged our employees and stakeholders to refresh our purpose — Create a better today. This guides our decision making and actions, and de nes why we exist and what we want to be known for.
The investment through the Building Blocks, Simplification and Optimisation programs has laid the foundation for the Group to transition to a new ‘One Suncorp’ model with the customer at the centre of the business.
‘One Suncorp’ is an integrated, customer-centric business model that enables customers to choose any of the Group’s products, services or brands, assisted by navigation and selection tools that deliver the best possible solutions to meet their needs.
To enable this approach, we have changed the way we operate, removing structural constraints allowing us to have full visibility of our customers across all brands, to better understand, serve and meet more of their needs.
Suncorp’s strategy to leverage its strategic assets of Cost, Capital, Culture and Customer remains the same, however we have sharpened our focus on elevating the customer.
This means a shift from the current approach of selling unrelated and unconnected products to one which broadens and deepens our relationships with our customers. We are also connecting them to branded marketplaces, offering personalised experiences and solutions aimed at solving their problems and meeting more of their needs. By meeting more of our customers’ needs we will deliver new revenue opportunities for our business.
Our focus also remains on effectively managing Capital and Cost, and building on our innovative and collaborative Culture. The focus on Cost will continue in order to maintain our scale advantage and allow reinvestment, our Capital management is focused on optimising the balance sheet and our Culture is essential to delivering our strategy.
Suncorp has identified three key priority areas based on building resilience. The Group is focused on:
- Maintaining momentum and stability to deliver our market commitments
- Elevating the customer by focusing on Connected Customers and building the Suncorp marketplace
- Recalibrating costs to create a leaner, more effective and competitive business.
By focusing on our priorities we will increase the number of Connected Customers — customers with two or more needs met from the four needs categories of Home, Mobility, Self and Money. This will help us improve customer retention and growth and deliver our shareholder promise of 10% return on equity.