Suncorp announced today key operational changes that will see CEO Insurance Product Portfolio Lisa Harrison and EGM Commercial Insurance Michael Miller taking up new roles in the business.

Ms Harrison will lead the new Consumer Insurance function as CEO and Mr Miller becomes CEO of the new Commercial & Personal Injury function.

The changes come into effect in September and follow the decision of Insurance COO Paul Smeaton to retire at the end of the year.

Group CEO Steve Johnston, who detailed the changes during this morning’s full-year results webcast, says the organisational revamp is aimed at ensuring the business “can hit the ground running” after Suncorp sells its bank to ANZ

The Australian Competition and Consumer Commission has blocked the $4.9 billion sale but Mr Johnston remains confident that Suncorp and ANZ will mount a successful appeal before the Australian Competition Tribunal.

“With the delay to the bank completion, we cannot afford to sit still,” Mr Johnston said. “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.”

The priorities for this current financial year include strengthening its motor and home insurance portfolios, increasing efficiency and having at least 70% of sales and 80% of claims lodgements delivered via digital channels.

“This has been the focus of the work we have undertaken in advance of receiving the bank approval,” Mr Johnston said.

“Not all the changes we had proposed can be implemented now but many can.”

Under the changes announced today Suncorp will be organised around three core insurance functions – Consumer, Commercial & Personal Injury and New Zealand. Jimmy Higgins remains CEO of Suncorp New Zealand.

The Consumer Insurance function will bring together responsibility for underwriting, pricing, product, distribution and claims for home and motor portfolios while the Commercial & Personal Injury function recognises the “importance of commercial and statutory class portfolios”, Suncorp says.

Mr Johnston says it is now “an appropriate time” to elevate the Commercial & Personal Injury portfolio to the Executive Leadership Team.

The operational portfolios within Insurance Claims & Operations including First Line Risk, Real Estate and Procurement will shift to a renamed Technology & Operations and will be led by Adam Bennett, whose new title will be Group Executive Technology & Operations. He is currently Chief Information Officer.

“The changes come into effect in September, ensuring we can hit the ground running when the bank sale completes,” Mr Johnston said.