Terrance Williams, the CEO and President of TruStage, joins ‘Forbes Talks’ to discuss DEI in the finance industry and his path to becoming the first black CEO of TruStage.
0:00 Introduction
1:47 Terrance's Background
5:07 Terrance's Education And Building For The Future
8:23 TrueStage's DEI Efforts And Programming
9:27 Being Passionate About Community
15:23 Diversity And Its Importance
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0:00 Introduction
1:47 Terrance's Background
5:07 Terrance's Education And Building For The Future
8:23 TrueStage's DEI Efforts And Programming
9:27 Being Passionate About Community
15:23 Diversity And Its Importance
Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1
Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:
https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript
Stay Connected
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Forbes Video on Twitter: http://www.twitter.com/forbes
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Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.
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LearningTranscript
00:00 (upbeat music)
00:03 - Hi everyone, I'm Rose Marie Miller,
00:05 and today I have the pleasure of speaking
00:07 with Terrence Williams, the President and CEO of TruStage.
00:11 Thank you so much for joining me today, Terrence.
00:13 - Thank you for having me.
00:14 I'm excited about the opportunity and the dialogue.
00:18 - Absolutely.
00:20 So Terrence, before we dive into you and your past,
00:23 could you give us a brief overview of what TruStage is?
00:27 - Sure, absolutely.
00:29 TruStage is a mutual insurance organization
00:32 that's been around since the 1930s.
00:34 We were founded in Madison, Wisconsin,
00:37 under the, with the idea of representing
00:40 and partnering with credit unions
00:42 to better serve their members.
00:45 Over the years, while we've evolved,
00:47 we've grown, we've changed,
00:48 we've maintained a commitment to the credit union system.
00:52 So it was almost 70% revenue driven through credit unions.
00:57 So think of us as a B2B company
01:00 who goes to market through partners
01:03 to reach in numbers with financial solutions,
01:06 insurance products, retirement plans, et cetera.
01:08 So we serve over 35 million customers
01:11 across the United States.
01:13 We partner with 95 plus percent of credit unions
01:17 in the United States.
01:19 We are about five and a half billion dollars in revenue.
01:23 And as I said, we're headquartered in Madison, Wisconsin,
01:26 and we have about 4,000 employees across the country
01:29 that make up our organization.
01:31 - Oh my goodness.
01:32 And you said TruStage has been around since the 1930s.
01:36 And if I'm not mistaken, you are the first black CEO.
01:41 It's almost 2030.
01:43 What are your thoughts on that?
01:45 (laughing)
01:47 - You are correct.
01:49 I am the first black CEO of the organization.
01:53 And it's not something that I take lightly
01:56 because I recognize that I am here, I'm sitting before you
02:01 because I have been at the benefit
02:03 of standing on the shoulders of so many people,
02:06 some I know, some I've known, some I haven't known,
02:08 that have done courageous things
02:10 that have paved a pathway for me.
02:12 So because of that, I take the responsibility seriously
02:15 of being the first.
02:17 And fortunately or unfortunately for me,
02:20 throughout my career, I've been in the insurance industry,
02:23 in the corporate world for over 30 years.
02:26 So fortunately or unfortunately,
02:28 I've been the first on many occasions
02:31 in different roles that I've sat in
02:33 with different organizations that I've been in.
02:35 But I always take the approach that I need to ensure
02:38 that I'm doing my part to set the bar
02:40 and doing my part to ensure that I'm making a difference
02:43 in representing who I am as a black man
02:47 and as someone who cares deeply about
02:49 those who are visibly seeing me
02:51 and those who are engaging with me
02:54 in the communities that I work in.
02:55 So that's kind of how I tend to think about this.
02:58 - So you said you've been the first quite a bit
03:00 in your journey.
03:01 Could you tell us about your professional journey?
03:04 - Yes.
03:05 I'll give you the short version of my journey
03:09 'cause we don't wanna take three or four hours
03:11 to give you the extended version.
03:12 No, I am a native Southerner,
03:15 so born and raised outside of Charleston, South Carolina.
03:19 And I'm one of those unique people
03:20 who I am working in my chosen profession.
03:24 So I attended the University of South Carolina
03:26 and I went there to pursue a degree
03:28 in risk management and insurance.
03:31 So I made a decision at relatively early age
03:33 that I wanted to pursue a career in this path.
03:36 Since leaving the University of South Carolina,
03:38 True Stage is the fourth company that I've worked for.
03:42 So I haven't worked for a lot of different companies,
03:45 but I've worked in a lot of different roles.
03:48 The bulk of my experience has been with some brands
03:52 and insurance companies that you would recognize,
03:54 Nationwide Insurance in Ohio.
03:57 I spent 20 plus years with them.
03:59 Allstate Insurance in Chicago,
04:01 spent a number of years with them and now True Stage.
04:05 So during that 30 plus years,
04:08 I think my wife and I have moved about eight or nine times.
04:11 So we've lived all over the country
04:13 and it's really given me the benefit
04:16 of seeing different perspectives, different geographies,
04:20 understanding how things work in different markets.
04:22 And I've operated in a number of different roles,
04:24 claims, sales, product, general management roles, et cetera.
04:28 So I've had a fruitful career
04:30 and one that I actually am proud of,
04:33 but also one that I feel it also kind of provides
04:37 a responsibility for me to ensure that I am doing my part
04:42 to bring others along.
04:43 One of the passions I have is trying to expose
04:47 younger people, particularly younger people who look like me
04:50 to our industry, to the insurance industry.
04:52 So I don't think we've done enough to ensure
04:54 that we are recruiting and engaging and dialoguing
04:57 with young people, especially people of color,
05:00 to introduce them to just the many aspects of a career
05:03 in the insurance industry.
05:04 So I spend quite a bit of time doing that when I can.
05:08 - And so how exactly are you doing that?
05:10 - A number of different things.
05:12 I'm pretty engaged at the University of South Carolina
05:16 with the business school.
05:17 I'm back on campus there a few times a year.
05:19 I literally get into the classroom
05:22 to be able to speak with students.
05:25 I'm involved in a number of mentoring programs,
05:27 including one there through the business school
05:29 where I mentor an undergrad.
05:31 So once a semester, I get a new student
05:34 who I just engage with every other week.
05:37 I engage with this person for 30 minutes
05:39 and just to share my perspectives, to offer opinions,
05:43 to hear things that are on their minds.
05:45 So mentoring is something that's always been important to me
05:49 and I try to live out that approach through the school
05:53 that I went to, that I have a passion around.
05:55 And I do that because as I grew up corporately,
06:00 I was able to benefit from others
06:02 who kind of wrapped their arms around my shoulder
06:05 to say, "Terrence, consider this approach,
06:07 consider this way," et cetera.
06:09 I'm blessed in that I grew up in a two-parent home.
06:13 My mom and dad instilled a number of things in me
06:17 that I'm forever grateful for,
06:18 work ethic, integrity, the importance of community, et cetera.
06:22 But my mom and dad,
06:24 they weren't familiar with the corporate world.
06:26 My dad was a construction worker,
06:28 my mom taught elementary school.
06:29 So they weren't able to kind of share with me
06:33 the process, the approach, the journey that one takes
06:36 when they're pursuing a career corporately.
06:39 So I've benefited from others who were able to
06:43 provide assistance to me in coaching and mentoring.
06:45 So I do the same for others.
06:47 - So what tips do you have for young people
06:49 for navigating the corporate world?
06:51 - That's a short question, but a really complex one,
06:56 particularly in today's world.
06:58 But my advice is always pretty consistent in this space.
07:01 A few things, number one,
07:03 ensure that you are doing something
07:05 that provides you fulfillment.
07:08 I often say that if you're engaged in a career or in a role
07:12 that is a job more than a career,
07:15 that probably is not something that is long-term.
07:17 Number two, you should ensure that you're gaining
07:20 some level of fulfillment.
07:22 If you're driving to the office or you're rolling out of bed
07:26 and going into a Zoom call,
07:28 and you're gripping your coffee cup
07:31 because you really don't wanna do that job,
07:33 you don't enjoy it, or you're driving into an office
07:36 and you're gripping the steering wheel,
07:37 that's not a good thing.
07:39 So obviously it's work,
07:41 but you should gain some level of satisfaction
07:44 or fulfillment from what you do,
07:46 which means you should choose a career
07:48 that aligns with a personal passion for you overall.
07:52 And then the next couple of items, three and four,
07:54 are just kind of some basic tenets that apply to anyone.
07:57 Ensure that you're operating
07:59 with a high degree of integrity.
08:01 Ensure that you are always focused on delivering
08:04 and exceeding the expectations that are put before you,
08:07 things of that nature.
08:08 So that's kind of what I talk to young people about
08:11 as they're pursuing their corporate paths.
08:14 - Yeah, honestly, you're helping me out right now.
08:17 Thank you, Terrence.
08:18 So let's pivot back to True Stage a bit.
08:23 So you and I both understand the importance of DEI.
08:26 What attracted you to True Stage in that respect?
08:30 - You know, I often,
08:33 I've been asked that question a lot in the last year
08:35 because I started with True Stage last year
08:38 to assume this role.
08:40 And one of the most often asked questions
08:42 that I've received is why True Stage?
08:46 And there are a number of kind of facets of that
08:49 as you peel it back,
08:50 but I'll give you just a couple of examples of why.
08:54 I'm sitting here before you now
08:56 as the CEO of this organization.
08:59 I've been in the industry long enough to recognize
09:02 that what I do and who I engage with
09:06 from a professional standpoint,
09:08 there has to be some level of alignment for me personally.
09:11 So in other words, said another way,
09:13 the things that I am passionate about,
09:14 the things that I care about deeply,
09:17 I want to ensure that I am working somewhere
09:20 where I can pursue those passions
09:22 through my professional work and walk
09:25 that aligns with me personally.
09:27 So the examples here,
09:28 I have always been passionate about community,
09:32 making sure that I'm involved, that I'm engaged,
09:35 I'm finding ways to make a difference.
09:38 I talk a lot about the importance of betterment
09:40 in communities.
09:42 So whether the company I've worked with
09:44 is engaged in it or not, I've always been engaged.
09:47 When I started looking at True Stage,
09:49 what I learned was this commitment around community,
09:54 particularly in the Madison market where we're based,
09:58 the brand has an incredible reputation
10:01 for being a good corporate citizen,
10:03 someone who is engaged and active,
10:05 not just writing a check, by the way,
10:07 writing a check, but also being committed
10:10 and trying to make a difference
10:11 and drive change within the marketplace.
10:14 The other one for me was DEI.
10:17 I've long held this belief that corporate entities
10:21 should play a massive role in diversity,
10:24 equity and inclusion.
10:26 And it was important for me that I aligned
10:29 with an organization who has that same approach,
10:32 that same thinking, that same passion.
10:35 And one of the first things I did
10:36 when I started talking to True Stage,
10:38 I went to their website to get a feel
10:41 for who this company is.
10:43 I knew of them, of course, being in the industry,
10:46 but I went to the website and I was blown away
10:49 by some of the items on the website
10:51 about their commitment to social change
10:54 and their desire to be a force for good
10:57 and the efforts that were underway as it relates to DEI.
11:02 And those things spoke to me personally and professionally,
11:05 and that kind of led me down this path.
11:07 And here I sit before you now.
11:09 There were some other things as well,
11:10 but those are two that I would share with you
11:12 that really kind of created the alignment
11:15 that led me to this organization.
11:18 - So what does DEI really mean for the financial industry?
11:22 I mean, more specifically, the insurance industry.
11:26 - You know, that's a really interesting question.
11:30 So let me try to do it this way.
11:33 So if you look at the history of my industry,
11:38 the insurance and financial services industry,
11:40 there are things that occurred in this industry
11:44 that have flown in the face of what I would,
11:47 how I would describe as equitable treatment of others.
11:51 If you think about the practices of redlining,
11:55 of not allowing or providing insurance
11:58 in a given territory based on a map,
12:02 or if you think of charging one price for this person,
12:07 but someone who is of the same age,
12:10 same health conditions, et cetera,
12:12 but charging them more because of their race.
12:14 So my industry that I'm proud to be part of
12:18 hasn't always gotten this right.
12:20 So my belief is that DEI
12:23 and the financial services space now really requires
12:26 that we are doing our best to remedy the wrongs of the past,
12:31 that we are ensuring that we reflect the marketplace,
12:35 that we're making broad decisions
12:37 for the betterment of communities,
12:39 that we are trying to make a difference societally,
12:42 and that we are doing so with a lens
12:45 towards trying to help improve the lives of others.
12:48 Insurance, at the end of the day,
12:50 we don't do a good job of talking about
12:52 what insurance really is in our industry.
12:55 But if you really peel it all the way back,
12:58 all we sell is a promise.
13:01 Think about it.
13:03 We sell something that is not tangible.
13:05 You can't drive it, wear it, touch it.
13:08 It's a promise.
13:09 It's a promise that allows you to have some level
13:13 of peace of mind in the case of an unexpected incident
13:17 or something that occurs that couldn't have been planned,
13:21 that it allows you to continue forward financially.
13:24 I often make the comment that, what do we do?
13:28 We do our best to restore lives
13:31 to the degree money and caring can.
13:34 So if that's all we do,
13:36 it's really important that we are broadly ensuring
13:40 that we're supporting and serving all people,
13:43 and that we are providing a means of transfer of risk,
13:48 not based on what someone's look, what they look like,
13:53 but rather really trying to ensure
13:55 that we represent the marketplace
13:57 and the workforce for good.
13:58 So longer-winded than I intended to,
14:02 but it really is something that I think
14:04 we have a huge responsibility to ensure
14:08 that we are acknowledging the wrongs of the past,
14:11 'cause some people don't wanna acknowledge it.
14:13 And I often say, "Well, yeah, we did things in the past
14:16 "that really weren't appropriate,
14:19 "but what do we do going forward?"
14:21 And I believe I can play a role in ensuring
14:24 that we are not just righting the wrongs of the past,
14:27 that we're paving a pathway for the future
14:31 by ensuring that we are representing the marketplace,
14:34 that we are trying to play a role in helping others.
14:36 And we didn't get into this earlier.
14:39 Our primary customer base at TruStage
14:42 is what we call middle-market America.
14:44 Our target customer tends to be the individual,
14:50 the hardworking person who may earn middle income
14:54 in the United States, who may not have assets
14:59 that allow them to do some of the things
15:03 that some other financial institutions pursue.
15:05 So we really wanna ensure that we are doing things
15:08 to provide value, to provide ease and access
15:12 for people who may not always have that.
15:14 - Wow, now that is a beautiful answer for one.
15:17 I don't care how long-winded.
15:18 That's a great answer.
15:20 - Thank you so much, I appreciate that.
15:23 - Well, Terrence, how does DEI play
15:26 into your leadership philosophy
15:28 and experience so far at TruStage,
15:30 particularly as their first person of color
15:34 to lead the company?
15:35 - You know, it's who I am.
15:39 So I can't separate who I am as a black man
15:44 who was born and raised in South Carolina,
15:46 who attended public schools,
15:49 who is the son of an educator and a construction worker.
15:52 So who I am comes through naturally
15:55 in my authentic leadership style and approach.
15:58 So DEI to me means that you show up as your authentic self,
16:03 that we are creating an environment
16:07 where everyone can not just show up as they wish to,
16:11 but that we can engage in a manner
16:14 that allows you to feel comfortable,
16:16 that we are able to demonstrate a commitment
16:20 to the differences that make us unique,
16:23 that we are able to kind of share and focus
16:27 on not just creating division based on the differences,
16:32 but that we can find ways to celebrate those differences
16:36 and make sure that everyone understands
16:38 that it drives us to the most optimal outcome.
16:41 I often make the comment kind of tongue in cheek
16:44 that if everyone around my leadership table,
16:48 if everyone that reports to me,
16:49 if I have 10 people on my cabinet that report to me
16:53 and they were all six, four, person of color,
16:57 Southerner by birth, son of an educator,
17:00 they all would likely think very similarly to me.
17:02 But it's important that we have a broad diversity
17:07 of thought, background, perspectives,
17:10 to ensure that you get to the best possible solution.
17:14 Because I encourage debate within the leadership team.
17:17 I encourage debate and I foster an environment
17:19 that allow us to have really fruitful dialogue
17:23 to get to the best solution.
17:25 And it requires that we have different backgrounds
17:27 and perspectives.
17:28 So how do I kind of foster D&I at TruthStage?
17:32 I show up as me.
17:33 I make sure that I'm really conveying my passion
17:38 in this space.
17:39 Also ensure that everyone understands
17:42 that while the company began well before me,
17:45 under my leadership, we will continue to advance
17:49 and accelerate our efforts from a D&I standpoint.
17:52 - This has been amazing.
17:54 Thank you so much for joining me today, Terrence.
17:57 - Oh, you're too gracious.
17:59 Thank you.
18:00 - Absolutely.
18:01 - Shall we?
18:02 (silence)
18:04 (silence)
18:07 [BLANK_AUDIO]