Suncorp’s technological overhaul will in coming months focus on improving communication with brokers.

Commercial Insurance CEO Anthony Day says brokers will find it faster and easier to transact with the company.

Most commercial business comes via brokers, so this is “the big bang for us”, he told Suncorp’s investor day last week.

The personal insurance division led the transformation, moving from 14 systems to one platform for home, motor and compulsory third party.

Personal Insurance CEO Mark Milliner says this has lowered costs, improved customer service and is more adaptable to change.

Mr Day says within the next two years all direct and intermediated products will be on the same platform, allowing the group be more innovative and letting the different business teams work with each other.

Suncorp has greater confidence to enter new markets such as SA’s privatised compulsory third party scheme because it is not dealing with legacy platforms.

Investors were told the group is using predictive modelling to anticipate customer needs, improve risk selection and pricing and reduce costs.

It is also gaining information to allow cross-selling to its 9 million customers.

Group CEO Patrick Snowball says Suncorp is now “locked and loaded” following reforms in recent years, and has built a foundation for its next stage of growth.

But he says this year has been the worst for natural hazards, with claims exceeding $1 billion net of reinsurance, and Suncorp will not hit its 10% return on equity target this year.

The group is holding personal lines market share at about 30%.

Vero New Zealand CEO Gary Dransfield says concentration in that country’s market presents opportunities for growth and profit.

Commercial lines have seen a “somewhat surprising and dramatic softening”, driven by offshore capital with no exposure to Canterbury earthquake losses.

Personal lines volume is growing by 6%, which is offsetting weaker commercial rates.