Sovereign boss promises shake-up

Symon Brewis-Weston says there is room to grow in New Zealand's health business. Photo / Sarah Ivey

The head of the country's largest life insurer wants to shake up the way it sells insurance and allow people to pick and mix their options in a similar way to how airlines sell their seats and services.

Symon Brewis-Weston joined Sovereign in April from its parent company the Commonwealth Bank of Australia where he managed the corporate financial services team.

Sovereign is the dominant player in life insurance in New Zealand and has a 30 per cent market share.

Brewis-Weston wants to grow that market share and said he was looking at innovative ways to distribute its products to meet customer preferences.

"It's difficult to predict how consumers are going to behave in three to five years time. But it's about creating a business that has the ability to respond."

Brewis-Weston, who is a newcomer to the life insurance industry, said life insurance products tended to be quite heavy and he wanted to offer "lite" versions which would provide cheaper options to consumers.

He likened the model to Air New Zealand and the options it offered to choose seats, food, or movies.

"In all walks of life people are getting to choose. I think there is a lot of scope to innovate."

Brewis-Weston said he hoped to launch some of the ideas before Christmas.

He also has his eye on growing the group's health insurance business. Sovereign has around 8 per cent of the market which is dominated by Southern Cross Healthcare.

"The health business has got room to grow."

Brewis-Weston is no stranger to growing businesses. Eleven years ago he went to Indonesia to build up the Commonwealth Bank's local presence.

PT Bank Commonwealth was one of the smallest banks at the time ranking 132 out of 134 registered banks until he merged it with Bank ANK in CBA's first Asian merger.

He spent six years there and Brewis-Weston said the bank now ranked in the top 20 for Indonesia.

The Melbourne born executive says he is here to stay for as long as the board of Sovereign want him to.

He has bought a house in Auckland and wife Sandra Sully - a well-known Australian television presenter - enjoys commuting to New Zealand for weekends where she can enjoy anonymity.

Symon Brewis-Weston

• Who: Sovereign chief executive

• From: Melbourne, Australia

• Age: 43

• Work history: Has worked in banking for 15 years of which 13 he has spent in senior leadership positions at the Commonwealth Bank of Australia. Prior to Sovereign he was executive general manager of Corporate Financial Services at the CBA.

• Qualifications: Degree in Economics (Hons) and a Master of Applied Finance.

• Family: Married to Channel 10 TV presenter Sandra Sully and has a daughter.

• Interests: Fly-fishing, Aussie rules and any sport involving a ball.