Suncorp uses geospatial data, AI to simplify home insurance

Suncorp has claimed an "industry-first" use of geospatial technology to cut down on the number of questions it needs to ask home insurance prospects.

In the company’s annual report [pdf], published today, the insurer said it “introduced new geospatial technology” during FY22 “to streamline the process and reduce the number of questions customers need to answer when purchasing home insurance.”

“We can now identify property attributes from aerial images of more than 9 million Australian homes combined with artificial intelligence,” Suncorp said.

“This has removed approximately 50 percent of questions about property attributes in our online platforms and our call centres.”

Suncorp added that it is also able to use the same data to “make better business decisions” via its pricing and underwriting functions.

The company did not describe the architectural underpinnings of the platform it is using.

Elsewhere in insurance, Suncorp is similarly using geospatial data, aerial imagery and AI “to detect damage following natural disasters”.

This effort is being run through its Event Control Centre, a facility set up earlier this calendar year to help “severe weather-affected communities” respond. 

The centre uses “near real-time data” as an input into its decision-making.

More broadly, across its insurance business - comprising mass brand home, motor and compulsory third party (CTP) products - Suncorp reported growth in the use of digital customer service channels.

It said registrations for online self-service are up 50 percent in FY22, and digital service transaction volumes grew by 23 percent.

In addition, Suncorp said that 4.4 million questions were asked by customers to its chatbot in the financial year, a 276 percent year-on-year increase. It did not provide a resolution figure.

Much of the company’s broader digital efforts, which form part of a three-year strategic plan, were previously unpacked during its half-year results; six months on, the strategic direction and trajectory remains much the same.

Suncorp’s full-year group net profit after tax was $681 million, down 34 percent, due to natural disasters and the “volatile investment markets”.