Our vision in New Zealand is to become 'the number one choice for New Zealanders because we give our customers the freedom and flexibility to look after their financial wellbeing in a way that best suits them'.
To that end, in 2016 Vero New Zealand and Suncorp Life New Zealand were brought together to form Suncorp New Zealand. This change will help the business better connect New Zealanders to products, services, and experiences that enhance and protect their financial wellbeing.
Vero Insurance personal lines outperformed their respective markets, experiencing strong growth over the financial year of 10.9%, which is more than double the New Zealand market growth of 4.4%.
During the year, Vero partnered with The Warehouse Group Financial Services to underwrite Warehouse Money personal insurance products. Warehouse Money products are sold through a ‘digital-first’ insurance offering featuring full online quote and buy tools, as well as providing a comprehensive online policy self-service tool in the New Zealand market, optimised for mobile use.
The Canterbury earthquake recovery programme is nearing completion with more than 92% of total expected costs paid. The focus remains on resolving remaining claims by the end of the calendar year 2016 and winding back the rebuild programme in 2017. The business worked closely with the Earthquake Commission to identify remaining claims that will likely go overcap and need to be managed by Vero.