The launch of digital platforms across General Insurance has improved customer experiences. A single-technology platform underpins Suncorp’s home, motor, CTP and Workers’ Compensation insurance lines and associated brands. With all of these products on one platform, it is easier for Suncorp to gain a better understanding of its customers and respond with innovative solutions that meet their evolving needs.
Additionally, in May 2016 and in partnership with US-based technology provider Trōv, Suncorp launched the world’s first on-demand insurance platform, Trōv Protection. Beginning with coverage for common electronics such as phones, cameras and computers, for the first time ever, Trōv Protection users can turn insurance coverage for individual items on or off, whenever they choose, entirely from their mobile phones. Other categories will be progressively added.
A key focus of the General Insurance business during 2015/16 has been continuing advocacy for mitigation to combat the impacts of natural hazards and other climatic events. The Suncorp team has worked closely with local, state and federal governments to increase awareness around improving the resilience of buildings in key regions, including northern Australia through its Protecting the North initiative.
Suncorp’s submissions to the Northern Australia Insurance Premiums Taskforce and Northern Australia Infrastructure Facility highlighted why mitigation is the only sustainable way of reducing insurance premiums. Suncorp wholeheartedly supports mitigation as a key finding from the Government taskforce assigned to the northern Australia project and will continue to advocate its benefits at all levels of government for home owners and communities.
In line with Suncorp’s support for mitigation, the Group, in partnership with James Cook University’s Cyclone Testing Station, will assist in the creation of a smartphone app that supports northern Australian homeowners in deciding how to strengthen their homes against the impacts of cyclones. James Cook University received an $180,000 Advance Queensland grant from the State Government with matching funds from Suncorp Insurance. Suncorp will also contribute claims data and expertise towards the project.
In order to further improve the quality and efficiency of its value chain, Suncorp Group took full ownership of the ACM Parts joint venture partner LKQ Corporation’s stake in the business. The new ownership structure will provide Suncorp with reduced vehicle repair costs and improved turnaround times for customers.
ACM Parts operates eight sites across Australia, with a team of 160 people selling more than 4,500 automotive products. It has established Australia’s first aftermarket certification program and is delivering an outstanding service selling high-quality, cost-effective automotive parts.
Investment in joint ventures remains a priority of the General Insurance business. Capital S.M.A.R.T Repairs continues to help Suncorp ensure quality, reduce costs and offer a world-standard level of service for our shared customers. Off the back of high customer satisfaction, the award-winning smash repair business has expanded to 34 sites across Australia and one site in New Zealand, and now handles more than a third of Suncorp’s motor repairs.
Suncorp is also expanding its successful HomeRepair joint venture, with the launch of the Apia Home Assist pilot, which provides Apia home insurance customers in Melbourne with easy access to a plumber, electrician, locksmith or carpenter through the HomeRepair network. For a small increase in premium, Melbourne customers will be entitled to three service callouts each year. The pilot will provide valuable insights into our customers’ needs, allowing Apia to make any adjustments to the service before rolling it out more broadly.