If you haven’t lived under a rock, you’ll know that as part of the financial services giant’s simplification strategy, the Suncorp Group-brokered Vero brand is no longer offering construction, home, rental and personal auto insurance through its Australian brokerage partners.
Read more: Suncorp announces market entries in earnings release
« The decision to no longer offer Vero Construction and Vero products for home, rental and personal vehicle insurance is a review of our business to simplify and strengthen our entire range of commercial insurance and adapt it to current market conditions « Vero stated in his email update to brokers seen by the insurance business.
“This decision allows us to focus on our core commercial products: SMB packages, fleet and non-fleet engines, real estate, professional and financial risk, engineering, liability, surety and insured compensation, giving us a stronger product focus and expertise to deliver bespoke solutions and meet the changing needs of your commercial customers. «
The announced changes, which will take effect at the end of March, will only apply to Australian brokers and will not affect Suncorp’s New Zealand business or Vero’s New Zealand product suite.
A Queensland-based broker expressed disappointment with the insurer’s decision, stating, on condition of anonymity, “Vero has penalized customers who simply chose an insurance broker.
« I’m pretty upset on their behalf because Vero’s underwriting and claims service on these products has generally been pretty good. Of course, part of a broker’s job is to keep claims on track. Is that why you made this decision? Certainly not. »
In response to an insurance business request for comment, Suncorp, General Manager of Commercial Darren O’Connell, said Vero is working closely with the insurance brand’s broker partners to ensure a smooth transition with minimal disruption to their business or customers.
Assurances have been given that brokers and all existing policyholders will be supported. This includes the ongoing management of claims through to completion.
O’Connell continued, “Vero is a strong national insurance brand. This decision allows the group to simplify the brand’s suite of products and focus on commercial products and services that better support the needs of their broker partners and clients.
« Vero’s broker partners continue to be important to Suncorp Group’s insurance business, providing strategic value, expertise and critical services to customers across Australia. »