TAL buys Suncorp Life: But what does this mean for existing Suncorp customers?
Life insurance sell-off won't affect customers of Suncorp or any of its former life insurance brands at all.
Suncorp, AAMI, APIA and GIO life insurance customers won't see any difference in how their policies are handled, even though the brands have changed ownership. Suncorp sold the life insurance brands to TAL for $640 million but will continue to distribute the products on behalf of TAL for the next 20 years.
"We can confirm there is no change to... premiums, payments, policy benefits and case managers," TAL chief commercial officer Andrew Howard told Finder.
Behind the scenes, TAL isn't wasting any time integrating the new business into its operations.
"The integration of Suncorp's Australian life business will commence immediately and we are confident that the team will deliver an efficient transition, alongside strong business performance, and customer and partner outcomes during the integration period," TAL group CEO and managing director Brett Clark said in a statement.
To help lead this transition, TAL has called on Andrew Howard, former chief operating officer at Rest (Retail Employees Superannuation Trust). In his newly created role as TAL's chief commercial officer, Howard will be responsible for the four new brands' performance as well as for supporting former Suncorp employees as they transition to TAL.
"We are delighted that Andrew has joined the team to manage the integration of Suncorp's Australian life insurance business. Andrew has a strong track record of leading growth and transformation programs and engaging people through times of change," Clark said.
Suncorp is following in the footsteps of NAB, Commonwealth Bank and ANZ, which, at different points in the last three years, have offloaded large portions of their life insurance businesses.