CUNA Mutual CEO eyes future

Aug. 17--Robert "Bob" Trunzo was appointed in January to lead CUNA Mutual Group, one of Madison's oldest and largest employers. He replaced Jeff Post, who retired after leading the financial services company through a dramatic restructuring between 2005 and 2008, and its aftermath, staying on through July to ease the transition.

Trunzo, a Louisville, Kentucky, native who held several senior leadership positions at CUNA Mutual before becoming its eighth president and CEO, said he would make expansion of the company's direct-to-consumer product sales a key priority through its TruStage brand.

Founded in 1935, CUNA Mutual's core business involves providing life insurance, health insurance, fidelity bonds and property/casualty insurance to credit unions and their members. Since fall 2009, the company has diversified with ventures including crop insurance for farmers and employee benefit plan management for companies outside the credit union sector.

Before joining CUNA Mutual, Trunzo was state commerce secretary for then-Wisconsin Gov. Tommy Thompson and worked as executive vice president for Frank F. Haack and Associates, a Milwaukee-based insurance brokerage. He also led the Southeast Wisconsin Professional Baseball Park board of directors, which oversaw the design, financing and construction of Miller Park, home to the Milwaukee Brewers.

Q. You've been leading CUNA Mutual for seven months. Has anything surprised you about the job?

A. Because I have been with the company since 2005, this transition has been less about surprises and more about building on the strengths of our company for the long term.

Across the country, 96.5 percent of credit unions have a relationship with us. Through credit unions, we have relationships with millions of individual consumers who have purchased products like life insurance, annuities and credit insurance. Our strong business results are possible because of our greatest asset: our employees.

Q. What did your two previous jobs, at the insurance brokerage and as commerce secretary, teach you that is of value in your current position?

A. (They) were great experiences for me professionally and personally. (Working both) in the private and public sector ... was an invaluable experience.

In the 1980s, as part of the national economic renaissance, we were very active in attracting new investment and jobs in Wisconsin. There is no better salesperson for Wisconsin than Tommy Thompson. As (his commerce secretary), I directed economic development efforts across Wisconsin. It was an honor to help improve commerce here.

Frank F. Haack, which is now part of Willis Group Holdings, was one of the largest brokers in the country with an extensive regional -- and even national -- practice. The company managed the sales and services process efficiently and in a highly professional matter. I am still close to my former Haack colleagues today.

Q. How did you wind up leading the board that supervised the Miller Park stadium project?

A. After I left the Thompson administration ... the governor asked me to chair the board. It was a great honor. Today, Miller Park is an asset to Wisconsin.

Q. Do you expect any big future layoffs at CUNA Mutual, similar to the reorganization under Post?

A. Today, we are hiring and investing in our company for the long term. Our business results are strong, our customer retention is high, and our employees are committed to doing business with integrity. This is a very good time in our company's history.

In recent years, we have made big investments in our businesses -- and in the future, we will invest even more. These investments have already generated strong business results. For example, our TruStage insurance protected 1 million additional customers in 2013, and we are on track for similar growth this year.

As a result of difficult decisions we made several years back, CUNA Mutual Group has become a financially stronger organization. Our long-term employment outlook is very positive.

Q. Do you expect to direct more diversification efforts like the crop insurance business?

A. Our company's long-term strategy calls for increased focus on serving consumers to drive future growth. The trends in our marketplace are driving this focus on consumers. Membership in credit unions continues to grow. This summer, U.S. credit union membership surpassed the 100-million mark.

Future growth will build on the expertise we have in these core product areas. For example, we see growth in consumer businesses like TruStage insurance, lending products and CUNA Brokerage Services Inc.

Q. Why does increased consumer-related business seem like a good strategic direction?

A. Today, we already reach millions of individual consumers in partnership with their credit unions. Credit unions remain essential to our business. ... Our commitment to serving credit unions endures.

However, we see great opportunities to help credit unions build deeper relationships with their members with our consumer offerings. To build our consumer focus, we will make new investments directed at better analytics to understand segmented consumer markets, new product development, and identifying the right mix of media and channels in reaching those consumers.

Q. Why are you renovating the entrance and interior of the 5910 Mineral Point Road building?

A. The overall goal of the project (which began last year) is to create more collaborative work spaces for our employees and customers. The exterior work will create a more open and welcoming entrance. The interior part of the project will include a new customer visit area featuring technology to showcase our products, more comfortable areas for customers to interact with our employees, and resources to help customers better understand all that we bring to their businesses.

Q. What imprint or legacy do you want to leave as CUNA Mutual's eighth president and CEO?

A. As I told our employees ... this is our time to make our mark. Generations from now, I hope people will ... see that we took steps to build this company for the future.

___

(c)2014 The Wisconsin State Journal (Madison, Wis.)

Visit The Wisconsin State Journal (Madison, Wis.) at www.wisconsinstatejournal.com

Distributed by MCT Information Services