December 2023Financial Services PracticeTruStage’s Bob Trunzo on bringing bold change to insuranceThe recently retired CEO of TruStage reflects on the decade he spent at the insurer’s helm, including an early move to prioritize digital.Buying insurance has morphed from a labor-intensive process, mired in reams of paperwork, into a relatively seamless transaction that can easily be done online. Bob Trunzo—who recently retired as chief executive of TruStage, previously CUNA Mutual Group—led the company through a major transformation, remaking it into a modern, tech-savvy enterprise that was recognized as an early disruptor in bringing life insurance into the digital age.In this interview with McKinsey senior partner Ari Libarikian, which has been edited for clarity and length, Trunzo discusses his path to CEO, his biggest tips for early-career chief executives, the importance of being decisive, taking TruStage well beyond its roots serving credit union members, and the one piece of advice his father gave him that rings true to this day.McKinsey: You’ve recently retired as CEO of TruStage after 18 years with the company and nearly ten as CEO. Tell us about your journey to CEO.Bob Trunzo: I began my career in the sales organization at TruStage. I moved up through the organization: I had the underwriting team, then I had the IT teams for a while, and ultimately I moved into a chief operating officer role, and then to the CEO role.I would say two things about that journey. Number one, it was a great experience in really understanding our customer. And it’s going to sound very basic, but sometimes that voice of customers is lost in key parts of your organization. The second thing is getting rounded out by having not just the sales side, but the P&L responsibility, knowing what’s important in the balance sheet.McKinsey: Looking back, what advice do you have for aspiring or new CEOs based on your last ten years of running TruStage?Bob Trunzo: At TruStage a major transformational effort occurred a year into my role as CEO, so I have a couple of key points for young, early-in-career CEOs. The first one is, surround yourself with complementary talent. CEOs have to be realistic. I’m really good at some things; some other things I am not good at. And some other things I may be good at that, frankly, I don’t want to do. It’s probably not the best use of the CEO’s time.Number two, as CEO, I always felt like I was on the shot clock—I mean, a sense of urgency, a sense of getting things done. And it doesn’t have to be a frenetic, rapid, shoot-from-the-hip pace, but it’s got to be a very aggressive time frame that allows you to make the decisions in a manner that creates excitement about transformation, creates excitement about change, but also allows you to check the boxes along the way to make sure you’re ...
