Suncorp Group has spotlighted its significant technological advancements following the release of its FY24 financial performance report, showcasing how these efforts are shaping the company’s future direction.
The insurer detailed key milestones in cloud migration, platform modernisation, and artificial intelligence (AI) development, all contributing to its broader strategy of enhancing operational efficiency and customer experience.
During FY24, Suncorp made considerable progress in its technology initiatives, including the transition of 90% of its technology workloads to public cloud environments. The company said this move places it among the leading Australian financial services companies in cloud adoption.
The company also concluded a five-year effort to modernise its data infrastructure by migrating legacy data warehouses to a unified, cloud-based platform. This upgrade is expected to support new AI applications and provide deeper business insights.
Additionally, Suncorp implemented a new customer master data system, replacing older platforms with an updated ecosystem designed to improve the company’s operational processes and customer service. These changes are part of a broader effort to strengthen the company’s internal technology environment and reduce potential risks.
Adam Bennett, Suncorp’s group executive of technology and operations, highlighted that these efforts are laying a strong foundation for the company’s future, with a particular focus on platform modernisation and the integration of AI across the enterprise.
“Our success is only possible because of the strong collaboration between our technology and business teams enabled by changes we have made to our ways of working. In the last 18 months, we have doubled the volume and speed of technology change delivery. But most importantly, the teams delivering our achievements are more motivated and engaged than ever,” he said.
Aside from achieving tech milestones, Suncorp saw solid financial results for FY24, with a near 12% increase in net profit after tax and a 14% rise in gross written premium (GWP), reaching $14.1 billion. The sale of its banking division to ANZ added $379 million to the year’s profits.
Despite the ongoing challenges of inflation, natural disasters, and changes in the global reinsurance market, CEO Steve Johnston highlighted the company’s robust performance.
“While the headline results represent strong increases on the prior year, it’s important to point out that the past three years have been very challenging,” he said.
