Suncorp CEO Insurance Gary Dransfield will leave the company this month as part of a major corporate shake-up that involves a new operating model and structure.

Leadership of the insurance division has been split into two, with the new positions to be filled from within the company. Mr Dransfield, who is also President of the Insurance Council of Australia, will leave on July 17.

“The Insurance (Australia) business is such a large part of the Group and it requires greater focus on the transformation of revenues and costs,” Group CEO Steve Johnston says in a briefing today.

“The program of work here is both large and complex and to speed up its delivery, it is best tackled by two executives rather than one.”

Current Chief Customer & Digital Officer Lisa Harrison has been appointed to the new role of Insurance Product and Portfolio CEO, encompassing distribution channels, customer strategy, brand and marketing, product and pricing and innovation.

The new role of Chief Operating Officer – Insurance will be taken by Paul Smeaton who has led the Suncorp New Zealand business for the past five years.

Mr Smeaton will lead all aspects of claims management and operations and some group functions including real estate management and procurement.

Suncorp New Zealand CFO Jimmy Higgins will lead that business in an acting capacity while the search for a permanent CEO is undertaken.

More details in our Daily news this afternoon.