Glenn Williams recently became President and CEO of Western Financial Insurance Company (WFIC), Canada's largest and oldest Pet Insurance business. InfoStream had an opportunity to visit with Glenn about his career, his experience and his vision for delivering the future at Western Financial.
InfoStream: Glenn, thank you for granting us this interview and the opportunity to find out more about Western Financial. How big is Western Financial Insurance Company and what kind of an impact has it had on the Canadian companion animal industry?
Williams: Western Financial Insurance Company is Canada's largest companion animal insurer. Last year we led the Canadian industry with almost 60% of the policies in force. However, the metric that makes us most proud, is claims payouts. Western Financial has paid out more than $122,000,000 since the company entered the market in 1989. This level of commitment to communities, pet families and veterinarians is what we believe sets us apart from our competitors. With respect to impact, Western underwrites policies for 5 different brands in Canada, which has raised awareness of pet insurance for all service providers and for all pet families. I think this may be the greatest impact we have had on the insurance business.
InfoStream: As you look back on your career, what experience are you drawing on for this position?
Williams: I started my business career in the summer of 1985. Much of my early experience was related to being a Chartered Accountant with roles in audit or as a financial analyst. As I gained experience, my curiosity about how business worked drew me into management roles in operations, technology and production. By 1994, I was working as an executive level manager for Thomson Newspapers at the Winnipeg Free Press. I was originally hired as VP Operations for Western, but since May of 2011, I have been employed as the Chief Operating Officer. I bring a breadth of experience to this new role as CEO that will support the excellent sales, marketing and client service teams we have here at Western Financial.
InfoStream: You now head Canada's largest and oldest pet insurance business, what new directions do you want to see Western Financial Insurance Company take as you approach the future?
Williams: In 2011, we completed a multi-year project to equip ourselves with a new operating system. This was a long and expensive project that taxed our resources. I feel that we are ready once more to become more agressive in the market, to invest in understanding the needs of clients more completely and to take a more active role in the industry collaborations where health and wellness are paramount. I think our team can now leverage our technology to add value to relationships and to maintain our role as the leader in underwriting and providing pet medical insurance.
InfoStream: We have the feeling that you see this new role as a big opportunity for you at this point in your career. Can you elaborate on this?
Williams: I do feel excited about this role. At Winnipeg Free Press I watched over the transformation of a centuries old newspaper business that held a solid position as the primary distributor of information. It feels to me like Western also stands on the threshold of a transformation that will bring new approaches to meeting the needs of an informed and proactive consumer. We can imagine this transformation will bring more choices for care profiles, a more interactive approach to wellness and a more satisfying way of managing the risks our clients have. Western brings a team that is ready to embrace the challenges and opportunities of this new day.
Williams: Western Financial Insurance Company is Canada's largest companion animal insurer. Last year we led the Canadian industry with almost 60% of the policies in force. However, the metric that makes us most proud, is claims payouts. Western Financial has paid out more than $122,000,000 since the company entered the market in 1989. This level of commitment to communities, pet families and veterinarians is what we believe sets us apart from our competitors. With respect to impact, Western underwrites policies for 5 different brands in Canada, which has raised awareness of pet insurance for all service providers and for all pet families. I think this may be the greatest impact we have had on the insurance business.
InfoStream: As you look back on your career, what experience are you drawing on for this position?
Williams: I started my business career in the summer of 1985. Much of my early experience was related to being a Chartered Accountant with roles in audit or as a financial analyst. As I gained experience, my curiosity about how business worked drew me into management roles in operations, technology and production. By 1994, I was working as an executive level manager for Thomson Newspapers at the Winnipeg Free Press. I was originally hired as VP Operations for Western, but since May of 2011, I have been employed as the Chief Operating Officer. I bring a breadth of experience to this new role as CEO that will support the excellent sales, marketing and client service teams we have here at Western Financial.
InfoStream: You now head Canada's largest and oldest pet insurance business, what new directions do you want to see Western Financial Insurance Company take as you approach the future?
Williams: In 2011, we completed a multi-year project to equip ourselves with a new operating system. This was a long and expensive project that taxed our resources. I feel that we are ready once more to become more agressive in the market, to invest in understanding the needs of clients more completely and to take a more active role in the industry collaborations where health and wellness are paramount. I think our team can now leverage our technology to add value to relationships and to maintain our role as the leader in underwriting and providing pet medical insurance.
InfoStream: We have the feeling that you see this new role as a big opportunity for you at this point in your career. Can you elaborate on this?
Williams: I do feel excited about this role. At Winnipeg Free Press I watched over the transformation of a centuries old newspaper business that held a solid position as the primary distributor of information. It feels to me like Western also stands on the threshold of a transformation that will bring new approaches to meeting the needs of an informed and proactive consumer. We can imagine this transformation will bring more choices for care profiles, a more interactive approach to wellness and a more satisfying way of managing the risks our clients have. Western brings a team that is ready to embrace the challenges and opportunities of this new day.
InfoStream: Canada will see the arrival of two large competitors shortly. How will Western respond to the competitive pressure and maintain the leading position in the Canadian market?
Williams: Well, I think your readers need to see the market as it really is. First, for all of the success we have enjoyed, Western has only scratched the surface of a very large market. The industry as a whole only supplies service to about 2% of the dogs and cats in Canada. Second, current practices are unlikely to reach the clients whose requirements are NOT now being met. Finally, with so much market left to service, there is room for additional brands that bring well known approaches to serving clients. However, for Western to maintain its position, we will have to embrace change, lead the brands we underwrite into new services and perform more attentively as a company. I am confident that we are on a path that will deliver a leading position in this industry.
InfoStream: Glenn, thanks for this. We wish you good fortune with your new position!
Williams: Well, I think your readers need to see the market as it really is. First, for all of the success we have enjoyed, Western has only scratched the surface of a very large market. The industry as a whole only supplies service to about 2% of the dogs and cats in Canada. Second, current practices are unlikely to reach the clients whose requirements are NOT now being met. Finally, with so much market left to service, there is room for additional brands that bring well known approaches to serving clients. However, for Western to maintain its position, we will have to embrace change, lead the brands we underwrite into new services and perform more attentively as a company. I am confident that we are on a path that will deliver a leading position in this industry.
InfoStream: Glenn, thanks for this. We wish you good fortune with your new position!
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