Suncorp will transfer some premium managed by a team of business insurance specialists within GIO to its Resilium group next financial year, as it makes a range of changes under a new strategy.

“As part of the review of our operating model, it has been determined that the premium managed by the business insurance specialists within GIO would be better managed within Resilium, our dedicated advisory business,” spokesman Rob White told insuranceNEWS.com.au.

“This has no impact on our GIO business or customers.”

Mr White says the GIO brand is a direct channel and Resilium provides a better fit. Any impact on staff is yet to be finalised, with the company looking at areas for transfers, including working with Resilium.

In February Suncorp announced a plan to reorganise its operating model into three business units, underpinned by a leadership shake-up.

The plan includes moves to better differentiate its suite of major brands.

In the June/July edition of Insurance News (the magazine), Suncorp Group CEO Michael Cameron is asked if the GIO brand “has had its day”.

He says operating 14 different insurance brands is “quite expensive” and some brands “are very similar and they almost compete against [each other]”.

Mr Cameron says GIO is “still a very viable brand, highly recognised, has a lot of goodwill attached to it and it’s a valuable asset”.