Suncorp Group CEO Patrick Snowball this morning announced plans to consolidate a range of insurance functions within the company in a bid to drive greater efficiency.

Speaking during a brief market update, Mr Snowball said Suncorp is weighed down by multiple general insurance systems and views on pricing, multiple employing entities and a variety of financial systems.

“It is far more complex than it needs to be,” he said.

Mr Snowball says management changes are necessary to correct an “imbalance” between specialist and generalist leaders.

There will be greater alignment between personal and commercial insurance and a streamlining of operations, including shared services, to deliver a “one company, many brands” approach.

The titles of Suncorp’s two new divisional general insurance leaders – Mark Milliner (Personal Insurance) and Anthony Day (Commercial Insurance) have been reclassified as CEO, bringing them into line with Vero NZ Roger Bell.

Andrew Mair has been confirmed in Mr Day’s former position as EGM Intermediated Distribution; Darren O’Connell is EGM Commercial Portfolio and Underwriting Management; Neil Singleton EGM Statutory Portfolio & Underwriting Management; Gerard McDermott EGM Direct Distribution, Administration & Servicing; Paul Smeaton EGM Commercial Claims; and Matt Pearson EGM Commercial Insurance CFO.

The position of EGM Statutory Claims is vacant at present.

Mr Snowball repeated his belief in the solid performance of Suncorp general insurance operations and says the insurer has achieved premium rate increases this year.

“They aren’t huge, but we are seeing them coming through,” he told insuranceNEWS.com.au.