News : Suncorp Outlines Customer Investments, Digitisation as Key to Business Improvement
Brisbane, Australia, Aug 9, 2018 -- Suncorp has attributed an increase in customer deposits across its product portfolio to a combination of new product offerings, increased digitisation, and simplified processes driven through its increasingly ecosystem-led approach to customer engagement.
Suncorp has been putting the emphasis on its business improvement program over the past year, an initiative aimed at improving customer experience, driving efficiencies and embedding a culture of continuous improvement. Key elements delivered in FY18 under the business improvement program include further digitisation of the customer experience, sales and service optimisation including store footprint optimisation and digitisation, supporting more self-service transactions, and improvements in the contact centre.
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Suncorp CEO and managing director, Michael Cameron, described the balance sheet as robust and said momentum is there to drive confidence in FY19 targets. He highlighted the business improvement program and work to be more customer-led as key reasons for this.
"The business improvement program has exceeded our net benefits target by $30 million, while digitisation of the business is beginning to drive our strategy to increase the number, and range of services, that our customers can choose to access through Suncorp," Cameron stated.
The business improvement program ties into its ambitious long-term plans to bring its portfolio of brands together to fulfil customer needs in the form of a marketplace. The ‘One Suncorp’ strategy, unveiled back in 2016, will unite five previously separate businesses into one business model and commencing plans to create a ‘marketplace’ of brands that leverage integrated third-party components and a common digital platform to better connect with customers. This involves building an ecosystem of partners that will provide a suite of relevant products and services and that customers can tap into in one place to suit their individual needs.
"Like any major program over time, we would expect movements in expenses and benefits between categories. The key point is all members of the team are held to account to deliver the total target," Cameron stated. "Our customer priorities include continuing to digitise the business, matching customer requirements, and increasingly personalising our services."
Posted by Veronica Silva Cusi, news correspondent
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Suncorp Group Limited is an Australian finance, insurance, and banking corporation based in Brisbane, Queensland, Australia.
Published: Friday, August 10, 2018
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