Terrance Williams, President and CEO of TruStage, believes that diversity, equity, and inclusion (DEI) play a crucial role in shaping companies from the inside-out and paving a purposeful path to the future. As the first Black person to lead TruStage, Williams understands the importance of representing the marketplace and the customers and partners the company serves. Growing up in South Carolina, Williams witnessed the lack of access to life insurance in his community and was inspired by his aunt, who was one of the first women of color to become an officer at AIG, to pursue a career in insurance to make a brighter financial future more accessible to everyone.
Williams acknowledges the predatory practices of the past in the insurance industry, such as redlining and price discrimination, and emphasizes the need for financial institutions to reckon with their past to create a better future. By embracing DEI as an ongoing commitment, companies can strengthen their brand and the communities they serve. Research has shown that organizations with ethnic and cultural diversity outperform others in terms of profitability, highlighting the importance of DEI in achieving business success.
As an insurer and financial services provider, TruStage focuses on transferring risk and providing customers with financial stability. By doubling the representation of people of color within the company and investing in startups founded by people of color and the LGBTQ+ community, TruStage is making a difference in promoting diversity and inclusion within the industry. Williams believes that other companies can learn from TruStage’s efforts to expand access and support underrepresented communities.
Listening to customers and learning about their needs is essential for companies to adapt and stay relevant in a changing market. TruStage’s research has shown that DEI practices matter to young and multicultural consumers, emphasizing the importance of representing diverse cultures within financial institutions. By speaking up and stepping up for the industry and customers, companies can create a more inclusive work environment and promote honest dialogue about opportunities and obstacles in the industry.
Williams believes that insurance is a force for good as it protects people from life’s most challenging events. By proving the value of insurance to customers and prospective employees, companies can position themselves to help individuals access the services they need while encouraging the next generation to view the industry as a purposeful career path. Through a commitment to diversity, equity, and inclusion, companies like TruStage can drive positive change within the insurance industry and create a more inclusive and sustainable future.
