Suncorp’s investment in business intelligence capabilities will build new business from existing customers across the group’s brands, according to CEO Patrick Snowball.

Updating analysts on the program at Suncorp’s annual investor day last Thursday, he said business intelligence “brings all our data together in one place and provides real-time insights as a source of competitive advantage”.

Suncorp believes it can cross-sell more products by using technology to get closer to its 9 million customers.

One in four of the group’s customers holds products across the group’s multiple brands, which include AAMI, Vero, Apia, GIO and Asteron Life.

The business intelligence program, which was launched last year, will eventually allow the group to cross-sell relevant products to customers. The group is believed to be well ahead of its major insurance competitors after investing in the program over the past few years.

An example of how it works: A Suncorp customer has moved to a new home and enquires online about taking out $50,000 of contents insurance – but a pop-up box informs them the average contents cover in their neighbourhood is $75,000, and offers them the chance to reconsider.

It will also be able to react to data about a customer’s changed circumstances and direct personalised messages that offer financial products relevant to that individual.

“Technology is presenting some great opportunities for the Suncorp Group,” CIO Matt Pancino told the investor day.

“The rise of digital and cloud [technology] represents a great opportunity for us to innovate with the agility of a start-up.”

Since 2011 traffic on Suncorp’s digital channels has grown eightfold; 26% comes from smartphones, with 28% of motor policies sold via mobile devices.

The group wants technology to further enhance customer relationships.

“Data, I know, doesn’t sound sexy, but it’s how we’re going to open up new opportunities in the future,” Chief Data Officer Adrian McKnight said. “We’ll see revenue opportunities that we just can’t see today.”

The business intelligence program – part of Suncorp’s “one company, many brands” strategy – will be operational from next financial year, when a single data store will be in place.

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