Terrance Williams, 55, may be new to the area, but he’s not at all new to the insurance industry. The new CEO and president at TruStage is digging into his new community after holding executive positions with Allstate and prior to that, rising through the ranks at Nationwide for more than 20 years.
In 2017 and 2018, Forbes recognized Williams as one of the “World’s Most Influential CMOs” (chief marketing officer), and in 2021, Savoy magazine labeled him one of the most influential black corporate directors.
Williams, a South Carolina University graduate, is a proud husband, father, and philanthropic leader whose mark in this city is just beginning.
Welcome to Madison! What are your early impressions of the capital city?
I’ve been welcomed with open arms. I definitely have a sense that Madison is a caring community.
Did you move here with your family?
Actually, we‘re bouncing back and forth between two markets, Madison, Wisconsin, and Florida. I’ve been blessed to have a wife who has put up with me for the last 28 years. I think we’ve moved about eight times and my wife, who’s been the rock in the Williams home, has allowed us to maintain stability even during times of change. We have two sons, a 17-year-old and a 22-year-old.
You’ve been in insurance all your working life?
I have, yes. I’m one of those unique people who chose a path in an industry and a profession and stuck with it … for over 30 years.
What challenges is the industry currently facing?
Speaking broadly, the end consumer, or members, have more options than ever. They have access to tremendous amounts of information that consumers, even a decade ago, didn’t have. Their perspectives and expectations are being shaped by companies outside of our industry and outside of the financial services space.
Consumer expectations have evolved more rapidly than ever. With a couple of clicks on my phone, I can have a package delivered to my front door within hours. So, the challenge within our category is ensuring that we are continuing to evolve at a pace that allows us to keep up with consumer expectations, particularly as it relates to our digital capabilities.
We all carry smartphones, so how you’re going to connect with members and consumers is more pertinent than ever. We must be able to meet them where they are, whether that’s face to face, digitally, or by phone.
Another challenge is just ensuring that we continue to find ways to recruit, develop, nurture, and retain talent. The talent wars within our country are real and the ability to recruit, retain, nurture, and develop people is more critical than ever.
What can you tell us about the recent rebrand from CUNA Mutual Group to TruStage?
Coming into this organization, the strategy and everything that my predecessor, Bob Trunzo, and the leadership team did over the past several years has been effective, successful, and put TruStage in a great position.
In my view, we used to go to market under various brands and logos and the end member didn’t always have a sense that they were dealing with TruStage. This singular brand now presents an opportunity for us to
do even more. It is not just about the signs or the logo on our business cards, it’s about how we think and how we operate.
The rebrand represents the next chapter of our company — viewing ourselves not through vertical businesses, but as an enterprise that can cater to the needs of members throughout all of their life stages. It’s simpler for the end member, especially with some of the digital items mentioned earlier, and ensures that we are thinking about ourselves as one TruStage.
How is the company prepared to ward off a topsy turvy recessionary climate?
One of the things that attracted me to TruStage is the diversification that exists. We go to market a number of different ways. We offer different solutions, whether it be investment products, life insurance, annuities, home and car business, insurance for credit unions, bonds.
In my view, organizations and companies that are able to maintain a consistent level of performance from an operating standpoint do a few things the right way.
First, they have a consistency around how they execute and how they drive accountability across the organization. Additionally, they have some level of diversification that allows them to keep things steady even during the ebbs and flows. From an economic standpoint, that’s what attracted me to the organization. I believe it also positions us to weather some of the storms that may be on the horizon.
TruStage has a labor dispute. Any updates?
OPEIU local 39 represents about 10% of our workforce, and we’ve had a very productive, strong relationship with the union for decades. My goal, as the new leader of the organization, is to get us back to operating as one TruStage, with all employees heading down the same path. Our goal is to resolve this in a fair manner, offering a fair market competitive rate.
The total economic value of our current proposal is a 28% increase over three years. These numbers are grounded in market research that tells us that’s a very competitive offer. Our goal is to remain at the table to ensure that we continue to negotiate until we’re able to bring this to a conclusion because I’m excited about us moving forward as one company. [Editor’s note: At press time, a tentative agreement had been reached.]
How do you de-stress when you’re not working?
Right now, I’m throwing myself full speed into the role, but I enjoy many things. I love spending time with my family. My wife and I enjoy traveling when we can, and I really enjoy reading biographies because it gives me insight into someone else’s pathway, what they’ve done, how they did it, and the challenges they encountered. We can learn a massive amount by understanding someone else’s journey. I’m also a huge sports fan.
What would you like the business community to know about you?
That I believe strongly in community. I often talk about betterment. I believe businesses have a responsibility, even a duty, to ensure that we’re doing our part to be good corporate citizens, which means strengthening the communities that we live and work in.
