Suncorp Group decommissioned seven of its 13 legacy data warehouses over the last 12 months and it aims to decommission the remaining six, along with a large volume of legacy reporting, by the end of the year.
As part of the announcement the group's FY15 full year results, CEO Patrick Snowball today outlined progress on the company's business intelligence transformation.
"We've made a significant investment in this program, bringing together over 400 of our modelling and analytics people into a single function that sits right across the company focussing on customers, pricing, claims and enterprise analytics," the Suncorp Group CEO said.
"We now have our core business data in a single data lake, which is being transformed to a cloud environment to provide flexible computing capacity," Snowball said.
The BI transformation is part of Suncorp's vision for its shift to an "optimised platform": Digitally enabled customer-facing systems sitting atop simplified core administration systems that feed into a data lake that can drive predictive analytics across the group.
The shift to a new cloud-enabled platform is due to be completed by June 2017.
The group's new analytics program will provide "real-time, trusted data that enables us to perform detailed, forward-looking predictive analytics and give us a new depth of understanding of customers, , pricing and risk," Snowball said.
"Every day we're adding more information to our data lake. Not only proprietary data, but also valuable third-party data, which enables us to create a new customer layer or single customer view where we can see all information that relates to each specific customer.
"This ultimately gives us options for growth that we simply didn't have before. Understanding our customer behaviours and needs at a level that is far more granular than was previously the case."
"Business intelligence combined with our optimised platform puts us in a great position to provide customer extensions and manufacture new products which truly meet the needs of of our customers and provide us with the opportunity to compete, to disrupt, to differentiate and grow this business in both the short and the medium term," Snowball said.
Suncorp group announced net profit after tax of $1.133 million for the full year.
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