Randy Valpy, the former head of Western Financial Insurance Company, is one of Canada's best known industry leaders. Recently he left Western Financial Insurance Company to take up the challenge of a newly created division of RSA. InfoStream caught up with Randy at RSA Canada's headquarters in Toronto:
InfoStream: Randy most of the industry has never heard of RSA. Who are they?
RV: RSA is a 300 year old Company with its global headquarters in the UK. It operates in 130 countries and is one of the largest underwriters of pet insurance in the United Kingdom usually just behind or just ahead of Petplan.
InfoStream: If we confine ourselves to the Canadian market for a minute, just how big is RSA?
RV: In Canada they have 3,500 employees and in 2010 generated over $2.2 billion in gross written premiums.
InfoStream: So why does RSA care about the pet insurance segment?
RV: First of all, pets is a segment of the financial services business with a very good opportunity for growth. Second, the existing players in North America own a small business that serves less than 2% of the pet families. Third, in other countries like the UK, pet insurance serves 10 times as many clients. Finally, RSA sees the opportunity to offer innovative services that will help grow the market. I believe this approach will be good for the entire industry. As others have said before, 'A rising tide lifts all boats!'
InfoStream: Some people don't understand RSA hiring a direct competitor, what is your response?
RV: Well, RSA has hired me to set up a pet insurance division. In my past life at Western/Petsecure, we built the largest pet insurance company in Canada. We grew Petsecure by 530% to own 59% of the Canadian market during my 10-year watch. At RSA, they believe I have the added benefit of moving outside the box to offer innovative approaches and services which was part of the attraction for me.
InfoStream: Randy, why do you see this as a big opportunity at this point in your career?
RV: First and foremost, this opportunity with RSA allows me to work where I live so that work/life balance is finally within reach. Second, I have always been attracted to the 'new thing'. Third, I was a founding member of the North American Pet Health Insurance Association [NAPHIA] and I believe the challenge of pet health and declining vet visits can be addressed with innovative services and offerings. Finally, my vision for the industry is to see planned wellness become something every responsible pet family sees as important for their pets.
InfoStream: Western Financial Insurance Company underwrote products for President's Choice Financial, Canadian Automobile Association, Nestle Purina PetCare and Hudson's Bay Company among others. Will you be able to continue this type of development activity with RSA?
RV: That's a good question. I'm not prepared to set out our strategy just at this moment. However, with my knowledge of the industry and RSA's commitment to, and global knowledge of, the pet insurance industry, I plan to create an innovative pet insurance brand. I think we can leverage RSA's incredible strength and underwriting capability to bring on new partners and to once again build the largest pet insurance company in Canada!
InfoStream: Thanks Randy, may we visit with you from time to time to see how this unfolds?
RV: You bet! I would welcome the opportunity to continue this dialogue.
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