QBE, meanwhile, was looking at a pure cost-savings play aimed at shared services of head office functions.
"Suncorp has made an accelerated multi-locational contemporary offshoring strategy capable of adding serious long-term value to its actual businesses, customers and share-holders in terms of cost, revenue and capital efficiency outcomes," Mr Annaswamy said.
The Financial Services Union was less enthusiastic about Suncorp's offshore moves, describing them as leading to all time levels of job insecurity in the sector. "Offshoring of this magnitude has a devastating impact on job numbers in Queensland and NSW. FSU is very concerned about the impact on front-line staff and customers, and the erosion of the skill base here in Australia," said Leon Carter, FSU national secretary. Suncorp declined to comment for the story.
Sign up for CIO Asia eNewsletters.