MADISON, Wis. — After more than three decades in the credit union industry, CUNA Mutual VP and product executive Bill Jolicoeur has called it a career. Jolicoeur initially joined CUNA Mutual as a sales representative in the northeast before being moved to the insurance provider's main office in Madison. Now that his 34-year career with credit unions is in the books, Bill shared some memories, advice and predictions with Credit Union Journal.
Credit Union Journal: How did you first get into the credit union industry; what piqued your interest about the financial cooperative movement?
Jolicoeur: My father-in-law was the manager/treasurer of a credit union in Massachusetts, so my association with CUs began in the early 70s. I was always impressed by the fact they were member-owned, the cooperative concept of people helping people, and providing personal, high-touch service to their membership. CUs also had higher savings and lower loan rates than banks, which was really attractive. When I became aware of a sales position opening with CUNA Mutual, this was an excellent opportunity to capitalize on my existing insurance industry skills gained at John Hancock Mutual Life Insurance Company and become a integral source in helping CUs by meeting their and their members insurance needs.
CUJ: What would you tell a young professional in this business or looking to get into this business?
Jolicoeur: Today we live in one of, if not the worst, financial crisis our country has ever seen. While professionals considering the financial services marketplace may see the problems facing this industry too difficult to dedicate their career to, they must understand this industry also represents the opportunities for success. CUs will successfully re-surge and demonstrate again their ability to foster the cooperative spirit of people helping people.
Just their willingness and ability to lend to members struggling with difficult economic times is of huge importance. CUs were born out of the Depression and assisted individual reestablish their lively hoods. Our nation needs credit unions to do they same for their membership today. CUNA Mutual is committed to helping CUs and is well positioned to assist them accomplish the resurgence, a major reason why I stayed with one employer for 34 years. I strongly recommend careers at both CUs and CUNA Mutual because dedicating ones work to helping everyday people is rewarding.
CUJ: How did you "climb the ladder" at CUNA Mutual and what was your most interesting position/experience?
Jolicoeur: Capitalizing on my experience in the insurance industry helped me early on appreciate and more fully understand client needs, and developing solutions to meet those needs was critical for creating success for both my employer, CUNA Mutual, the CU movement, and my own professional career. CUNA Mutual, through many promotions, encouraged my ability to create new products and marketing opportunities, develop risk-management solutions, reinsurance programs and strategic alliance development and leadership skills. I have had a number of memorable experiences/positions at CUNA Mutual during my 34-year career. Two that really stand out: purchasing insurance on the floor of Lloyds of London for CUNA Mutual corporate risk exposures, and the development and leadership of the now 11-year strategic alliance between CUNA Mutual and Liberty Mutual, offering auto, home and other personal line products through CU to their members.
CUJ: How has the industry changed since you first broke into it?
Jolicoeur: Technology has brought about the most significant change in how the insurance industry conducts business as well as managing the risk exposures associated with continued technological enhancements. Thirty-four years ago I would have rely on Western Union telefax to bind a brokered insurance placement versus the PDA I'm using today to write my responses for this interview.
CUJ: Do you have any predictions for the future of the CU industry?
Jolicoeur: I'm am very optimistic about the CU movement and CUNA Mutual's ability to provide the necessary products and solutions CU and their members will need. I believe CUs who focus on understanding and helping members with their changing financial needs will prove to be one of the key components to this county's economic recovery.
