Suncorp’s Life insurance business provides a range of life insurance and superannuation products direct through the Group’s brands and via independent financial advisers.
In 2015/16, Suncorp Life’s profit after tax was $142 million, up 13.6% on the previous year. Growth has been delivered through the management of favourable claims and retention rates.
Suncorp Life is focused on delivering sustainable growth in the advised business and achieving a leadership position in the Direct channel. This is achieved by ensuring products and services meet customer needs to improve their overall experience.
Suncorp Life has simplified the superannuation business, which included the transition to a new administration platform and the launch of a new product offering – Suncorp Brighter Super. This proposition is designed around simplicity for both the customer and adviser.
As an online-only product, it allows customers to take a more active role in managing their money.
The Life business has also introduced a number of other innovative solutions including a Needs Assessment Tool to help customers understand their Life insurance needs and the release of a new product offering - MyStyle Life Insurance, which fills the gap between complex advised Life products and the simplified Direct propositions. New Zealand also released an Adviser Toolbox app.
The Australian life insurance industry continues to focus on reform and customer outcomes, driven by the need for improved sustainability and transparency in the industry. Suncorp Life has exited its self-employed aligned distribution channel to simplify its distribution footprint and is well placed to capitalise on opportunities arising from the broader industry transformation.
The direct business delivered 14.3% growth in in-force premiums through the Group’s general insurance brands. The advice channel is embedding ongoing changes to remuneration structures, regulatory oversight and industry codes. As adviser networks transition, Suncorp is focused on continuing to develop sustainable advice partnerships and will also continue to introduce new efficiency enhancements such as the Adviser Service Fee capability – an automated collection and payment service for advice fees.
Suncorp’s continued focus on process simplification and innovative enhancements has led to positive customer satisfaction levels and a number of Australian and New Zealand industry awards, including the Financial Services Council Consumer Innovation Award for 2015 for a newly-designed Tele-claims system. Asteron Life NZ was awarded Best Life Insurance Company, New Zealand at the World Finance Global Insurance Awards, and Women’s Employer of the Year at the 2015 New Zealand Industry Awards.