Suncorp Forms New Team to Propel Core Platform Modernization
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Brief Overview
- Suncorp is enhancing its primary insurance system in collaboration with Duck Creek Technologies.
- A special team is being formed to manage the transition process.
- The platform is initially undergoing trials in New Zealand at AA Insurance.
- Preliminary tests indicate notable increases in efficiency, shortening task durations from minutes to seconds.
- Suncorp is making substantial investments in cloud technologies, artificial intelligence, and ERP solutions.
- The company aims to lead the modernization efforts within the insurance sector.
Suncorp’s Digital Evolution: A New Chapter in Insurance
Suncorp is initiating a significant digital evolution, putting together a dedicated program team to supervise the rollout of a new insurance policy technology platform across Australia. This initiative forms a part of an extensive three-year “AI-driven operational transformation” aimed at upgrading the insurer’s foundational systems and improving operational efficiencies.
Duck Creek Technologies: Suncorp’s Selected Collaborator
Last year, Suncorp chose Duck Creek Technologies, based in the US, as its provider for policy and billing systems. The new system is presently being trialed at AA Insurance, Suncorp’s joint venture in New Zealand. As mentioned by Suncorp’s Consumer Insurance CEO, Lisa Harrison, the platform is “code complete” and is currently in end-to-end testing.
If the testing proceeds according to expectations, the system is set to launch in New Zealand within the following six months, with preparations already underway for its Australian introduction planned for next year.
Efficiency Improvements from Initial Trials
Early tests in New Zealand have produced encouraging outcomes. Regular tasks that once took three to five minutes now take merely 30 seconds. These advancements highlight the platform’s ability to greatly improve efficiency and optimize operations.
Forming a Team for Success
To aid in the transition process, Suncorp is actively seeking qualified candidates for essential positions, including a Service Delivery Manager and a Senior Configurator. This new team will be pivotal in ensuring a seamless platform rollout in Australia.
Upgrading Outdated Systems
The Duck Creek platform, a low-code software-as-a-service (SaaS) solution, will replace various outdated on-premises systems. In addition, Suncorp plans to utilize Duck Creek’s Clarity product to enhance its data analytics and artificial intelligence capabilities.
A Comprehensive Strategy: Investments in Cloud, AI & ERP
Suncorp’s digital evolution encompasses more than just policy and billing systems. The company has successfully shifted its data to the cloud and is rolling out AI-driven pricing models. Plans are also underway for a new enterprise resource planning (ERP) system.
CEO Steve Johnston stressed the company’s commitment to spearheading modernization throughout the industry. “The insurance sector is poised to undergo substantial modernization over the upcoming decade, and we aspire to lead that change. To realize this vision, investing in core systems is crucial,” he remarked.
Financial Results & Market Position
Suncorp recently announced a net profit after tax of $1.1 billion, affirming its robust financial standing. Following the divestiture of its banking division to ANZ, Suncorp has transitioned into a purely insurance-focused entity, establishing itself as a leading force in the dynamic insurance market.
Conclusion
Suncorp’s advancement of its core platform, driven by Duck Creek Technologies, represents a crucial milestone in its digital transformation journey. By leveraging AI for enhanced efficiency, cloud migration, and modernizing policy administration, the insurer is positioning itself to lead the evolving insurance sector. Initial trials in New Zealand have revealed substantial efficiency improvements, with the Australian rollout anticipated next year. With continued investments in AI, ERP, and cloud technologies, Suncorp aims to remain at the forefront of industry advancements.
Common Questions
Q: What is the goal of Suncorp’s core platform modernization?
A:
The initiative seeks to substitute archaic legacy systems with a contemporary, AI-enabled platform that boosts efficiency, elevates customer experience, and optimizes operations.
Q: What is Duck Creek Technologies’ role in this transformation?
A:
Duck Creek Technologies provides Suncorp with new policy and billing systems, delivering a cloud-based, low-code solution that simplifies workflows and integrates AI-driven analytics.
Q: How has the platform performed during early tests?
A:
Initial trials at AA Insurance in New Zealand indicated significant time reductions, with standard tasks now accomplished in about 30 seconds instead of three to five minutes.
Q: What is the timeline for deploying the new system in Australia?
A:
Suncorp is in the process of assembling a team for the Australian rollout, which is expected to occur sometime next year.
Q: How does this align with Suncorp’s broader technology strategy?
A:
This modernization initiative is part of a wider digital transformation strategy that includes cloud migration, AI-driven pricing models, and the adoption of a new ERP system.
Q: Has Suncorp fully transitioned to being an insurance-focused business?
A:
Indeed, following the sale of its banking division to ANZ, Suncorp has fully committed to being an insurance provider, concentrating its efforts on the modernization and innovation of its insurance services.
Q: What effect will this have on customers?
A:
Customers can anticipate expedited processing times, more tailored insurance products, and enhanced claims management facilitated by the integration of AI and cloud-based technologies.
Q: Is Suncorp the sole insurer investing in modernization?
A:
Not at all; the overall insurance sector is undergoing a digital transition, but Suncorp’s substantial investments in AI, cloud, and ERP systems are positioning it as a leading entity in this transformation.