Suncorp announced a significant investment into digital and AI programs at its latest investor update.
The investor presentation stated: "The significant financial benefits that these programs will deliver, including expense and claims efficiencies, are expected to drive improved business growth, as well as adding further resilience to our margins.
The investment in the Digital Insurer Policy Transformation programme is expected to be c.$560m with over 90% of the spend to occur by the end of FY27."
The investment in the Digital Insurer Policy Transformation programme is expected to be c.$560m with over 90% of the spend to occur by the end of FY27."
Group CEO Steve Johnston said: "Modern, intelligent, cloud-based core systems that allow agility and innovation in product design will be the rule rather than the exception.
“Claims processes will become frictionless but with enhanced safety nets to manage complexity and vulnerability. Alongside this, process and operational efficiency will reduce the burden on pricing when input costs rise.”