Brazil’s largest remaining non-bank controlled insurer SulAmérica will invest 70mn reais (US$39.6mn) over the next three years in an attempt to renew its internal organization and realign its employees’ incentives, the company said in a release.

The company will spend 25mn reais in 2010 on the initiative, which will set specific performance metrics at all levels of the company and be measured via different criteria from April to end-2012, the company said. Some of the funds will be used on broker training and rewards, according to the release.

SulAmérica said that agility and transparency would be the focus of the transformation and that the company would try to ensure that its brand was a preferred choice in the market.

Thomaz Cabral de Menezes was named the company’s CEO last week, as he left his position at brokerage Marsh, where he had been for 23 years and led the Latin American operations. Patrick de Larragoiti Lucas, who was chairman and CEO, will continue in his role as SulAmérica’s chairman.

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