Suncorp unveils new tri-branded store on Grenfell St

Suncorp has brought its multi-branded store format to Adelaide, opening a new look shopfront on the ground floor of the “Black Stump” on Grenfell St.

Suncorp stores regional manager Jason Chappell at the new tri-branded store on Grenfell St. Picture: Tricia Watkinson

• Black Stump up for sale just two years after it sold for $125m
• Insurers cleared to offer incentives with CTP policy

Suncorp has brought its multi-branded store format to Adelaide, opening a new look shopfront on the ground floor of the “Black Stump” on Grenfell St.

The new store format brings together products and services from across the company’s network of brands - AAMI, Suncorp and Apia - as well as offering customers interactive workshops, seminars and other tools to help organise their finances.

Features include a simplified transactional area, spaces for informal and private conversations, hospitality zone, self-service tools and a dedicated space for workshops and seminars.

Suncorp stores regional manager Jason Chappell said it represented a new approach to distribution of the company’s insurance products across the three brands.

“Previously it was all distribution by digital or contact centre so we really wanted to bring an in-store experience to customers that preference the face-to-face channel,” he said.

“We trialled some of the concepts in Pitt St Mall in Sydney. We really wanted to test a lot of the design and process and customer appetite for what we call the ‘marketplace’, and it was based on that experience that we brought this to life in Adelaide.

“The store offers the full spectrum from wanting to take out an insurance policy for a caravan or boat, through to home loans, financial planning, basic transaction products - the whole lot.”

Last year Suncorp relocated its Adelaide-based staff to new corporate headquarters at 1 King William St, taking over naming rights to the refurbished building as part of a seven-year lease with renewal options. The commitment to 4622sqm was one of the biggest office leasing deals in Adelaide last year.

“We’ve doubled down on Adelaide,” Mr Chappell said.

“We’ve got a lot of national function based out of South Australia - Terri Scheer, all the claims operations, we also assess motor vehicles nationally out of Adelaide across all brands, we’ve got a Shannons representation and of course the Suncorp bank here as well as CTP (compulsory third party insurance).”

Suncorp subsidiary AAMI is one of the State Government’s approved CTP providers, allowing it to compete with other approved providers once CTP insurance shifts to the private sector from July.

Mr Chappell said while AAMI retained a strong presence in South Australia, growing the Suncorp brand was also a priority for the financial services group.

“Particularly the banking arm of Suncorp - we’ve got these fantastic products and services but it’s not well known by the marketplace out there,” he said.

“It’s really just trying to confront the dominance of the big four banks. We beat the big four banks on rate, particularly at the moment in the home loan space, we just really want to get that message across to consumers.”

Ms Chappell said the new Grenfell St store would also host workshops and seminars tailored to the financial needs of the local community.

“Things like helping first home owners into properties, budgeting and saving, financial literacy orientated themes, and important for the Apia segment it’s also about giving over-50s confidence to transact and bank digitally as well,” he said.