Leigh Watson returns to life insurance

Swiss Re's former local head of life & health has resurfaced at an actuarial consultant that partners with life insurers.

Leigh Watson - who retired from Swiss Re in June after 43 years working in the financial services industry - has joined the advisory board of Azuria Partners.

In this newly created role, Leigh will work closely with Azuria co-founders Zhan Wang and Damian Thornley to grow the business.

Wang also worked at Swiss Re as a pricing actuary and at National Australia Bank and Clearview.

His colleague Thornley also worked at NAB Wealth and did a spell at TAL.

Watson said he was impressed with Azuria's strong focus on client needs and the calibre of talent there.

"Azuria has established a reputation for achieving high customer satisfaction and value through our project delivery methodology founded on deep subject expertise coupled with understanding and pursuing our client's objective," he added.

At the time of his departure from Swiss Re, Watson offered a clear view on the life insurance industry.

He stressed that a focus on customer and member outcomes is paramount but in a way that life companies make money over the medium/long term to reinvest in their business.

"There are opportunities for the industry to become more efficient and pass back some of these savings to customers," he said, adding that uncertainty of claims costs for disability products (both income protection and TPD) remains the biggest challenge for the industry."

As for super funds, Watson stated health and wellness strategies are also key elements of any super fund's services.

"The provision of fit-for-purpose life and disability insurance is just one aspect of these services," he added.

"Understanding members' needs through effective engagement and smart data analytics can help optimise and tailor these services."

Watson noted that this is a whole lot more than group insurance - it could mean access to fitness activities, education on diet, and mental health prevention."