Suncorp says its $100 million “marketplace strategy” investment this financial year will put it ahead of its rivals, amid rising competition from traditional players and new technology operators.

“There is a small window to deliver the core components of this strategy,” CEO Michael Cameron told the annual general meeting in Brisbane last Thursday. “By accelerating the investment required to create the marketplace, Suncorp can capture this opportunity ahead of others.”

Mr Cameron says the company-wide investment will drive top-line growth by ensuring more customers have more needs met, using Suncorp services more often and for longer.

The company is building an app to “radically change” how customers interact with the group, rolling out new branding to its digital and physical assets, developing integrated offers and looking to new third-party partnerships to fill any gaps, Mr Cameron says.

The investment also includes a new customer reward and recognition program.

“Our customers’ expectations have dramatically increased and we are being measured against companies outside of our industry on aspects such as speed and functionality,” he said.

Mr Cameron says a significant number of products are becoming commoditised, with lower prices the only difference.

Suncorp is also conducting a business improvement program that aims to deliver net benefits of $329 million over three years from measures including claims supply chain redesign and improved procurement and business streamlining.

Chairman Ziggy Switkowski says the company is considering a range of potential impacts from new technology, with driverless cars set to fundamentally change motor insurance.

“Suncorp has been actively participating in and leading industry discussions regarding new insurance models to support our customers through this transition over the coming decade,” he said.