![Suncorp CEO Michael Cameron wants to create a better today.](/content/dam/images/g/q/k/q/k/g/image.related.afrArticleLead.620x350.gwhu2c.png/1496284056727.jpg)
![Tony Boyd](http://web.archive.org./web/20170601051559im_/http://www.afr.com/content/dam/images/1/3/s/y/3/g/image.imgtype.afrAuthorAvatar.120x120.png/1425275986441.png)
Déjà vu
There were multiple moments of déjà vu on Thursday when Suncorp chief executive Michael Cameron fleshed out a new strategy for the group.
At the Suncorp investor day in Brisbane, Cameron and his senior executive team provided analysts and investors with a deep dive into the "refreshed strategy and purpose" which goes under the slogan "create a better today".
The one year old strategy comes with a new operating model, a new team of senior executives and the launch of annuities supplied by Challenger and health insurance.
When Cameron launched the new vision he could have been reading from the vision statement published 20 years ago by Suncorp Metway chief executive Steve Jones.
Jones laid out a new strategic direction for the organisation in August 1997. The aim was to excel in two key areas: consumer Allfinanz and small business banking.
Jones said the Allfinanz strategy was built on the group's strengths in general insurance, life insurance, superannuation and banking.
"In Allfinanz, our aim is to provide all the financial products and services used by the typical household," Jones said.
"Our long term goal is to have six, eight, or even 10 of our products used by each household."
Cameron is not providing any targets for the number of Suncorp products owned by each customer but he does want customers to be fully engaged with what he calls the Suncorp marketplace.
This marketplace provides electronic connections to general and health insurance products sold by AAMI, GIO, APIA, Shannons and Suncorp's banking and wealth products.
Cameron says the marketplace will allow Suncorp to create networked brands with cross brand pathways.
That sounds similar to the cross selling strategy announced 10 years ago by Suncorp chief executive John Mulcahy.
His strategy was summed up with the following statement: "Optimising the inherent advantages of our unique business model by: pursuing logical cross sell opportunities within our existing customer base striving to achieve best practice customer cross product holdings as well as attrition, retention and usage rates targeting those customers and segments who have a preference to deal with a single financial institution."
Today the cross sell opportunities are being driven by data analysis and the use of apps on mobile phones.
When the new apps are fully functional customers of AAMI will be able to click their way through to products offered by Suncorp such as personal loans and mortgages.
When asked about the level of ownership of banking products by insurance customers Gary Dransfield said very few AAMI customers had Suncorp banking and wealth products but there was a material amount of Suncorp customers with AAMI insurance products.
Dransfield, who is chief executive customer platforms, said that a customer would only be offered other products if it were in sold in the right context, the product was in the customer's best interest and it offered good value. Also, he said Suncorp was committed to responsible lending.
The corporate speak used to describe the cross selling process is as follows: "developing integrated solutions and customer journeys".
Pip Marlow, who is Suncorp's chief executive strategic innovation said that staff would not be targeting one single journey because every customer was different.
She said Suncorp needed to have the ability to offer customers on multiple journeys the products that suited their needs. The journey of a new home buyer was different to a baby boomer selling their home and downsizing.
One aspect of the strategy that is different to past iterations of cross selling is that Suncorp is now offering the products of third parties connected to the company through joint ventures, white labels or equity investments.
The investor day had minimal impact on the share price. The company did not issue any financial guidance.