Suncorp Groups has its eyes set on reaping AU$170 million in benefits by the 2018 financial year from its technology optimisation program.
The optimisation program builds on the group's plan to configure itself into a 'One Company. Many Brands' business model.
During its full year results where it recorded a net profit after tax of AU$1.133 billion, up from AU$730 million last financial year, the company said it remains on track to delivering efficiencies from its optimisation program.
"The Group has articulated its strategic vision and outlook to 2020. It is focused on building an optimised platform that will deliver a unique combination of enhanced technology, systems, and capabilities. This is the culmination of the simplification and integration work that will unlock future earnings growth opportunities for the group," the company said.
The group said to further push the program along, it will invest AU$75 million towards improving efficiency of processing claims, motor vehicle repairs, and home repairs; enhancing the use of business intelligence; simplifying its super; and towards technology and procurement.
Suncorp also reinforced that it is on track to deliver the optimisation core system platforms in 2016 and 2017. At the same time, it said its business intelligence continues to progress with 90 percent of the core system data now consolidated with secure and scalable cloud environment.
Suncorp Bank's new banking platform, Ignite, also remains on track for completion in June 2016, the company said. It adding that during the full-year, the Bank delivered a net profit after tax of AU$354 million, up 55.3 percent from the previous year.
Last year, Suncorp Bank chief executive John Nesbitt described the group's rollout of the Ignite as a project "on steroids", as 12 out of 17 legacy systems are decommissioned and 580 processes are re-engineered.
Suncorp also highlighted that its technology and process efficiencies were proven successful when it had to process a record number of claims and motor vehicle repairs during the Brisbane hailstorm in November. It said it managed to process 10,000 claims and assess 1,500 cars in one day.
From a financial point of view, Suncorp Group said simplification initiatives have delivered AU$225 million in cost savings in the 2015 financial year, with expectations this will increase to AU$265 million in the 2016 financial year.