The Finance Sector Union (FSU) says it was briefed on Monday by Suncorp executives that around 25 senior positions are to be made redundant as part of a revamp of the insurer’s operational structure.

Teams are to be updated on the changes in coming days, Suncorp tells insuranceNEWS.com.au.

“Senior leaders have been working through the business leader structures that will best support their teams, with more details to be provided to teams this week,” a spokesman said today.

FSU President Wendy Streets says all the positions are high level and range from “one under executive and down a couple of levels”. Those in roles made redundant will be offered alternative project work.

“They’re all senior people that this is affecting,” Ms Streets told insuranceNEWS.com.au today. “They did a realignment of the silos and this streamlining is in line with that.” 

Last month, Suncorp introduced significant operational changes. The insurer was reorganised around three core insurance functions – Consumer, Commercial & Personal Injury and New Zealand, headed by Lisa Harrison, Michael Miller and Jimmy Higgins respectively. Former CIO Adam Bennett became Group Executive Technology & Operations.

Ms Streets, who met with Suncorp’s head of People & Culture, says she was advised no other layoffs were planned as Suncorp awaits a decision on its appeal after the rejection of its planned banking arm sale to ANZ. 

“They’ve given us an assurance there won’t be mass redundancies in the next four months or this side of early 2024.” 

Group CEO Steve Johnston said in August the business aims to strengthen motor and home insurance portfolios, increase efficiency, and see at least 70% of sales and 80% of claims lodged digitally.

“With input costs increasing and affordability being a key issue for our customers, we have to continue to evolve our business and align it to the priorities outlined,” he said.

The Australian Competition and Consumer Commission has blocked the $4.9 billion sale to ANZ but Mr Johnston believes a successful appeal will be mounted at the Australian Competition Tribunal. The hearing gets under way in Sydney on December 4 . 

Suncorp expects the bank sale can still be completed around the middle of next year.