Suncorp has more than 100 artificial intelligence and machine learning models in production as it increases its use of the technology.

“At the heart of our operational transformation has been the emergence of AI,” CEO Steve Johnston said at a full-year earnings briefing last week.

“We see ourselves as a skilled manufacturer of risk products, with superior underwriting capabilities enhanced by technology.

“Digital remains our preferred method for routine sales, service and claims lodgement. However, as we build out our platforms and continue to invest in AI, we see an opportunity for straight-through processing and fulfilment of more complex processes, with limited to no human intervention.”

He says many AI use cases will “progressively find their way into our business over the next 12 months”.

Suncorp’s platform modernisation program, announced last year, has already yielded dividends at its joint venture AA Insurance business in New Zealand.

Chief information officer Adam Bennett said: “We talk about the policy admin system, but it was a lot more than that, it was a new pricing capability, new digital front ends … and we’ve started to see some early benefits from that already in AI.

“We’ve seen better strike rates in our digital channels for sales of motor and home.”

Mr Johnston said: “I’m pleased to say that what we’ve already seen in [AA Insurance] has reinforced our business case and the benefits we expect will be realised over time.”

The Duck Creek policy administration system has gone live in New Zealand and is “now deep in delivery across our AAMI brand in Australia”, Mr Johnston says.