Following the announcedment that Suncorp has realised half-year profit increases of 41 percent,Suncorp Group CEO Patrick Snowball acknowledged the company had made good progress since he joined in September 2009.
“After a period of reviewing the business, and meeting customers and stakeholders, a number of key initiatives have commenced including:
- Reshaping the executive team, including key external chief financial officer, chief risk officer and human resources appointments, all of whom have extensive financial services experience;
- Launching a new Suncorp Group business model providing clear accountability for Suncorp’s five operational businesses;
- Aligning the Suncorp Group’s legal and operational structures to provide full transparency around the capital retained in each business line;
- Restructuring of the general insurance businesses to deliver simplification, back office efficiency and improved customer service and product offerings;
- Commencement of a number of key strategic projects designed to simplify the business, reduce cost and provide a single view of the Suncorp Group’s customers, employees, finances and insurance pricing and claims systems.”
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