Suncorp Group is to begin a review of its agency model with discussions over the $64 million account set to last the next few months.
The insurance and financial services conglomerate, which includes Suncorp-Metway, AAMI Insurance, GIO Insurance and Australian Pensioners Insurance Agency (APIA) Insurance, among others, is currently served by media agency Starcom and various creative agencies across different brands.
In the past year, according to Nielsen, the group spent $63.7 million on media, led by AAMI Insurance ($19.7 million), Suncorp-Metway (15.3 million) and APIA ($12.5 million).
Rumours about an agency review have been circling recently, and AdNews can confirm the group will begin a closed assessment of its current agency model.
It is not clear if this covers all of the Suncorp brands and whether it is only focused on media buying and planning or is a wider review that encompasses creative.
“Over the next few months, Suncorp will be holding closed discussions with its agency partners around developing a way of working that supports our new business and customer strategy,” A Suncorp spokesperson told AdNews yesterday.
“Our focus is on exploring the model we use to engage our agencies.”
All of the media agencies AdNews contacted, including incumbent Starcom, declined to comment.
In 2016, Starcom won the global accounts of Etihad Airways and Visa, and picked up local business software provider MYOB.
Earlier this year, Starcom was part of a global Publicis Groupe restructure that consolidated six media agency brands into four under Publicis Media. These are Starcom, Zenith, Mediavest/Spark and Optimedia/Blue 449 (Match Media in Australia).
Starcom chief executive Chris Nolan was promoted to Australian COO for Publicis Media alongside CEO Matt James, leaving day-to-day operations of both agencies to office MDs. See Industry Profile, Starcom Sydney new MD, Toby Barbour
In other pitch news, media agencies are still waiting for news on Diageo and 20th Century Fox, while the Quick Service Restaurant Holdings (Red Rooster, Oporto and Chicken Treat) is also thought to be under review.
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