Suncorp NZ Confident in Strategy for Regulatory Change


Suncorp New Zealand has revealed it has established a specific program of work, to address the issues raised in the FMA/RBNZ conduct and culture review of life insurers.

Speaking at a Macquarie Australia Investor Conference, Suncorp New Zealand CEO, Paul Smeaton, gave an update on the company’s strategy, particularly around elevating the customer.

Suncorp New Zealand CEO, Paul Smeaton

He said the company has a well-established program to address the impending Conduct and Culture regulatory changes in New Zealand.

He summed up their main focus as:

  • Enabling a customer-oriented culture within their teams and creating more value for customers
  • Making it easier for customers to deal with Suncorp and removing pain points such as paper-based communications
  • Creating more value for Suncorp’s intermediaries and corporate partners by digitising the connectivity
  • Clearly implementing the recommendations of the FMA and RBNZ Conduct and Culture Review, which will be a focus for 2020

He noted that for their life business, they will maintain an ongoing focus on sustainable commissions, strong intermediary relationships and retention.

Smeaton also included an update on Suncorp New Zealand’s performance across its life business, with in-force premium NZ$257m for the last financial year (FY18), equating to a market share of approximately 11 percent.

Their distribution of life products remains heavily intermediated, with 80 percent of business going through the adviser channel.