We are thrilled to have Darren Wickham on board as our new Head of Group Insurance. In this role, Darren is responsible for the overall Group Life insurance business, which provides valuable insurance benefits to the members of industry super funds, master trusts and employers. He is accountable for strategy, product, pricing, relationships, growth and member engagement. Prior to joining Zurich in February 2021, Darren led the Group Insurance business at TAL. Darren has had a nearly 30-year career as an actuary and specialist in superannuation, life insurance, retirement income and other employee benefits. He is also an experienced superannuation trustee director and a former Actuary of the Year. We sat down with Darren to find out a bit more about his goals and vision.
First things first. You’ve been in the industry a long time and we are thrilled to have your knowledge and experience to draw on. What was it about this role that made you want to make the move to Zurich?
I want to take this opportunity to say how thrilled I am to be here and to thank our partners and the team for the very warm welcome! Zurich has always been such an amazing brand. And when I heard that Zurich was investing in its group insurance business and had decided to demonstrate this focus by having a dedicated Group Insurance role on the executive team, I became very excited by the huge opportunity for growth.
Zurich is the only truly global insurer operating in the Australian life insurance market and has what I consider to be market leading technology. The depth and diversity of the business is also a real strength. An example of this is our health business, LiveWell, our general insurance company and other employee benefits companies - Benestar and Cover-More.
What makes you most excited about being part of the Zurich team?
I love working with people who are passionate about what they do and I was thrilled that right from the start, it was clear to me the team shares my conviction about group insurance.
My initial impression is that Zurich has a great culture. There is also a real energy in the executive team. It’s a fresh new team with lots of enthusiasm and a strong purpose.
What makes you passionate about group insurance?
Group insurance plays a very important role in providing peace of mind to working Australians. It’s important because it is widely accessible with very few restrictions.
Every day we make a difference in people’s lives – helping out financially at a very difficult time when somebody has died or is disabled.
Group insurance in Australia provides world class value for money. Around 80 cents in the dollar is paid out in claims (to put this in perspective the best charities in Australia only pay out 70 cents in the dollar to their end causes). It is incredibly efficient.
What do you think is the biggest industry issue we have to address over the next five years?
There has been some policy debate about whether we should still have default insurance in super. My view is that it would be an absolute tragedy if default insurance were to be removed.
As an industry we need to spend time with policy makers and opinion leaders making the case for retaining this world class system.
Do you have a passion outside of work?
My life outside of work is a mix of family, sport and an eclectic range of interests (including the occasional car rally).
Surfing has been a lifelong obsession for me – I love getting out in the water, the magic of the morning and the exhilaration of the drop. Every surf is different, and it regularly takes you out of your comfort zone.
I have recently discovered the joys of ocean swimming and often swim with the ‘Bold and Beautiful’ swim squad (although I’m neither bold nor beautiful) – swimming from Manly to Shelley beach and back. There’s something quite meditative about swimming and I lose myself looking at all the fish along the way.
Who is your mentor?
I have been extremely lucky in my career to have developed relationships with some leaders in the insurance / super / banking industry and senior members of the actuarial profession. I consider these people my “tribe of mentors” and they have been generous with their time and their advice.
I have tried to “pay it forward” and spend time mentoring others – it is one of the most rewarding things I have done in my career.
In terms of inspiration – Paul Keating is one person that comes to mind. Love him or hate him, the superannuation system we have today (and a large part of the insurance industry also) has been massively influenced by his vision and determination. Generations of people will be more financially secure as a result.