Suncorp merges life insurance back office with super

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30 January 2012

Suncorp Life has merged the back-office life insurance operation with its superannuation and investment businesses.

The new Product and Service business unit will handle all the back-office functions of life insurance and superannuation that is sold through both advisers and direct.

This will includes pricing, claims, underwriting, administration, call centre and reinsurance functions. 

Suncorp Life CEO Geoff Summerhayes says the new sales channels will be called Adviser Distribution and Direct Customer.

Adviser Distribution will be run by Jordan Hawke, who will continue to be responsible for Asteron Life, Guardian Advice, Standard Pacific and dealer support services. 

The direct business will be run by former EGM Super and Investments Vicki Doyle. She will now also take responsibility for life insurance sold direct.

Former Suncorp Life New Zealand EGM Sean Carroll will take charge of the Product and Service unit.

Mr Summerhayes says the direct business plans to increase life insurance and superannuation sales by leveraging off its general insurance business.

“Being part of the Suncorp group allows us to leverage household brands like GIO, AAMI, and Apia, so we are committed to maximising that opportunity through direct sales,” he said.  

“The independent financial adviser market remains critical to Suncorp Life’s business as we continue to build and sustain relationships through our Asteron Life brand.”

At this stage the company remains tight-lipped about any job losses from merging the two back offices.

A Suncorp spokesman told insuranceNEWS.com.au the company is “finalising the functional roles” in the new division.

“This is the business model that will underpin the structure of the combined businesses,” he said.

“The structure will be complete by the end of February.”