Suncorp has established a new Customer & Digital team that will bring together digital, marketing, customer and strategy functions from across the ASX-listed financial services group.
“Working alongside our technology team, this function will develop innovative digital-first customer propositions for our insurance and banking businesses,” Suncorp acting CEO Steve Johnston said notes prepared for the group’s full year results briefing.
In addition, Johnston revealed changes to Suncorp contact centre, stores and intermediary distribution teams; they currently sit in its “Customer Marketplace” function but will be moved to the group’s insurance and bank divisions.
“These changes have three immediate benefits,” the acting CEO said.
“It allows the new function to be totally focused on the customer and digital programs of work,” as well as remove duplication and clarify accountabilities.
“These changes and the clarification of our go-forward strategy will align all our efforts behind improving the outcomes in our core businesses and, in turn, build a more resilient Suncorp.”
“We acknowledge the more aspirational elements of the marketplace component of the strategy, and the associated third-party revenues that were assumed to flow from those activities, have been too ambitious relative to where our business is at and the funds we have available to invest,” the CEO said in his presentation.
As a result of the changes CEO customer marketplace Pip Marlow has decided to depart, according to Suncorp. She will leave the group this month. Marlow, a former Microsoft Australia managing director, joined Suncorp in 2016 as CEO for strategic innovation.
“I am personally disappointed that the changes we are announcing today will see Pip Marlow leave Suncorp,” Johnston said. “Pip has played an instrumental role in building the customer-centric culture that defines Suncorp today.”
“I’m proud of the team’s achievements in driving an innovation lens and improvements in customer experiences that we’ve introduced to Suncorp, over nearly three years,” Marlow said in a statement.
“This, together with our investment in digital has helped us adapt to changing customer needs. Suncorp is a fantastic company. It’s been a privilege to have worked with so many inspiring people.”
Suncorp veteran Lisa Harrison has been appointed chief customer and digital officer. Harrison joined Suncorp in 2004; most recently she was its chief program excellence officer overseeing Suncorp’s business improvement program.
The company said today that the business improvement program had exceeded its target.
“Lisa’s appointment reflects the depth of talent at Suncorp. She brings deep marketing, digital and insurance domain experience to this new role,” Johnston said.
“The new function will leverage the proven expertise of our technology data and labs team to take our customer and digital strategy to a new level, enabling us to embrace all of the opportunities that digitisation offers our customers and business.”
The bank today announced a net profit after tax of $175 million, down 83.5 per cent from FY18. Profit after tax from ongoing functions grew 1 per cent, Suncorp said.