Single pricing won’t lead to conformity: Suncorp
A Suncorp plan to create a single claims and pricing desk across its general insurance businesses won’t generate a generic suite of identical products, according to the group’s head of intermediated distribution.
CEO Patrick Snowball has tabled plans to integrate back-office risk pricing across Suncorp’s 13 insurance brands, raising concerns different brands will sell nearly identical products.
While line duplication exists across Suncorp’s family of brands, Commercial Insurance Executive GM Andrew Mair says products will vary depending on the needs of a specific target audience.
While Suncorp has split commercial distribution between intermediated (Vero) and direct (GIO), it has multiple personal lines channels selling similar products. For example, car insurance can be purchased through AAMI, Just Car, Shannons and Bingle.
Mr Mair told insuranceNEWS.com.au the creation of a single desk aims to price risk the same way across the group.
“We are a house of brands, although perhaps we haven’t communicated that as well as we probably could have,” he says. “We need to be a lot clearer on our brands and what each of them do.”
Mr Mair also reaffirmed Suncorp’s commitment to multiple brands, citing customer loyalty as an over-riding factor.