Advancing Health Equity

Actuaries are known for their problem-solving and critical thinking skills, as well as their refined ability to identify risks and opportunities. Imagine using that skill set to profoundly and meaningfully impact the lives of Canadians. That is exactly what Zahid Salman, FSA, FCIA, president and CEO of Canadian nonprofit health and benefits company GreenShield, is doing.

I recently had the pleasure of sitting down with Salman to discuss how his actuarial background has shaped his professional growth and how he became GreenShield’s CEO.

Tell me about your journey as an actuary and your career path.

Zahid Salman: My background as an actuary set the foundation for my rewarding career path and prepared me to lead a nonprofit organization like GreenShield. Previously, I spent 25 years in the HR consulting and outsourcing industry in both client-facing and management roles. My actuarial designation brought me opportunities to lead large businesses and startups, as well as high-growth businesses and turnaround situations. It was this specific expertise that gave me the technical skills and business acumen to identify innovative funding strategies, business models and risk management approaches.

I initially was intrigued by the idea of working with a nonprofit with an important social mission. Fast-forward to today, and I am deeply committed to leading a nonprofit. It is energizing because it allows me to make a tangible, positive impact on society. Instead of focusing solely on financial gains, I can direct my efforts toward meaningful causes and drive change that benefits communities. This sense of purpose and the opportunity to contribute to the greater good can be deeply fulfilling and motivating.

Lilach Frenkel, responding: I couldn’t agree more. As part of a purpose-driven, profit-for-members pension plan, I can apply years of technical expertise and an actuarial mindset to structures and innovations that focus on Canadians’ retirement readiness every day.

To help guide the next generation of actuaries and those considering an actuarial career path, how can actuaries be best positioned to contribute in meaningful ways that build on those strong technical skills?

Zahid Salman: This is an exciting time for the actuarial profession. Key trends, such as the ability to better leverage data and analytics to deliver new insights, develop large language models to enable artificial intelligence (AI), as well as an increased need for enterprise risk management, all play to the profession’s traditional strengths.

For those looking to expand beyond the typical areas of technical expertise, here are three key pieces of advice:

1. Upskill your soft skills. Actuaries are revered for their precise hard skills. What’s often overlooked is the soft skills that can be the differentiator in getting ahead. Focusing on nontechnical skills like leadership, communication and teamwork can help candidates stand out and become irreplaceable.
2. Be a lifelong learner. Being an actuary can be a superpower. Using a mix of hard and soft skills, the next generation will be at the forefront of assessing and managing financial and broader enterprise risk. Engaging in continuous learning and getting hands-on experience are the keys to being on the cutting edge.
3. Don’t be afraid to push boundaries. When we focus on pushing boundaries, we can make transformative changes. Be bold, challenge the status quo and think outside the box. Innovation often comes from questioning existing practices and being open to new ideas. Embrace a mindset of continuous improvement and be willing to take calculated risks.

Lilach Frenkel: As we talk about Zahid’s journey, I realize that his advice is rooted in his embrace of continuous self-development and his constant push to take on challenges outside his comfort zone. Undoubtedly, this drive is one of the many reasons Zahid has been recognized as one of Canada’s most admired CEOs.

How have your actuarial skills helped in the role of CEO?

Zahid Salman: My actuarial education and experience have empowered me to navigate complex problems and financial landscapes. Because of this, I was able to look at the business model with an actuarial mindset and see the opportunity to integrate strategy and social impact in innovative ways. While other insurers were diversifying deeper into financial services to mitigate headwinds in the life and health industry, I saw a different opportunity: to focus on health equity. With my background as an actuary and my health and benefits experience, I recognized the potential for creating a sustainable nonprofit funding model that would further advance health equity.

Lilach Frenkel: Always the pension actuary, I can’t help but view health care through a retirement lens, leading to the next question.

With more than 20% of working-age Canadians close to retirement, how do you think about these demographics as they affect strategy and innovation?

Zahid Salman: To begin, we need to better understand this demographic and their life experiences as they embark on this next chapter in their lives. Many view a conventional retirement plan as outdated, meaning they often continue to work later or in different ways and require a different set of benefits and health services.

One area we’re focused on for this group, regardless of their plans for retirement, is innovating in areas like chronic disease management. Spending on drugs tends to get higher as people age, and so does the likelihood of developing a chronic disease. We’re seeing a greater need for employers to focus on offering preventative care solutions to help reduce chronic disease rates and overall drug costs.

Innovating in chronic disease management is equally important as prevention. Research shows that 80% of chronic diseases can be prevented through healthy lifestyle interventions. To support retirees at this life stage, our chronic disease management offerings include biometric testing and personalized health coaching with nurses who can help improve these health outcomes.

How do you see your company’s social mission shaping Canadians’ retirement journeys and meeting the evolving diverse needs of Canadians in retirement?

Zahid Salman: We are committed to co-creating new, culturally appropriate products and services that are sustainable and scalable. For Canada’s aging population, we’ve innovated in several areas, including our chronic disease management offering. This way we can deliver more accessible and equitable health care programs and services to employers and to Canadians.

Can you share GreenShield’s key priorities to ensure growth and improve health care access and outcomes for Canadians?

Zahid Salman: We are prioritizing better access, convenience, integration and health outcomes through three distinct strategies:

1. Customer-focused innovation that combines coverage and care, prioritizing mental health and chronic disease management
2. Social impact-focused innovation that bridges equity gaps through culturally appropriate solutions for underserved communities
3. Bringing a sustainable twist to social impact investing through creating shared value: deploying our customer solutions to support our underserved communities and commercializing our social impact solutions to better serve all Canadians

Statements of fact and opinions expressed herein are those of the individual authors and are not necessarily those of the Society of Actuaries or the respective authors’ employers.

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