In morning trade the Suncorp Group Ltd (ASX: SUN) share price has edged lower following the release of its annual general meeting presentation and a market update.
At the time of writing the insurer's shares are down 1% to $12.60.
What was in today's release?
As well as providing an update on its Marketplace acceleration and One Suncorp strategy, Suncorp advised the market on its future plans and its focus on technology.
The company sees opportunities to grow by leveraging technological trends such as driverless cars, the Internet of Things, and online chatbots.
According to CEO Michael Cameron, Suncorp's future will be far more than just home loans and insurance.
He wants Suncorp to play an active role in helping customers on their journey to buy, protect, connect and maintain their home.
Furthermore, he expects driverless cars to fundamentally change motor insurance and appears excited by the new insurance models that are being developed to support the transition over the next decade.
Is Suncorp a good buy and hold investment?
Suncorp certainly appears to be better prepared than rivals QBE Insurance Group Ltd (ASX: QBE) and Insurance Australia Group Ltd (ASX: IAG) for the technological changes that are afoot.
If it can develop first-to-market products that consumers will need in the future then it could put it in a good position to profit over the long-term.
Whilst I don't think it is the best buy and hold investment option on the market, I certainly believe it could be a solid addition to a balanced portfolio.
This is especially the case given its generous dividend. At present the insurer's shares provide a fully franked trailing 5.8% dividend.
