Suncorp Group has announced it will now use its General Insurance Pricing Engine for all its SME products across its Vero, AAMI, AMP General and GIO brands.

The technology uses Suncorp’s data set to adopt a perils-based pricing approach by pinpointing individual risks according to key factors like occupation, location, security and type of construction.

It was first used for motor, fire, business interruption and liability covers for SMEs in May 2011.

Suncorp Head of SME Packages John Phillips says using the engine for every type of SME cover “gives our clients and their brokers a huge advantage”.

He says the company can now write more SME risks and will explore opportunities of different size, complexity and location.