GreenShield CEO Zahid Salman’s passion for health care equity is the driving force behind his leadership: “I knew there was an opportunity to look at the industry differently; to reimagine the health and benefits experience.”supplied
GreenShield’s CEO Zahid Salman reflects on five years at the helm of the country’s only national not-for-profit health care payer-provider, his relentless pursuit to champion better health for all and what business leaders should consider as they look to grow in today’s climate.
Five years ago, you joined GreenShield as its president and chief executive officer. What attracted you to the company?
What first intrigued me about GreenShield is still my driving force today: the company’s unique position as a not-for-profit social enterprise. Essentially, all earnings – in excess of what’s required to operate the business – are reinvested to advance our social mission of “Better Health for All.” When I joined, other benefits companies were diversifying into financial services to drive profitable growth. I saw an opportunity to double down on GreenShield’s roots in health equity and build a purpose-led strategic plan.
My 30-year career, as both an actuary and a leader in the health benefits space, primed me to analyze the market with a unique lens. The health and benefits needs of Canadians were evolving. I knew there was an opportunity to look at the industry differently; to reimagine the health and benefits experience.
What changes have taken place at GreenShield since you joined? What are you most proud of?
When I joined the company, GreenShield was a health and dental benefits company facing financial headwinds, while the industry experienced margin pressures that hindered profitable growth.
We knew that one in five Canadians didn’t have a family doctor and there was growing demand for mental health support. On top of that, health and benefits are notoriously hard to navigate. It was clear there is a need for innovative, digital health services in Canada.
The vision was to diversify into digital health services and build an integrated health and benefits experience around Canadians. After nearly 65 years without a single acquisition, we made eight strategic acquisitions in two years, all geared towards revolutionizing the health and benefits experience for Canadians. This put coverage and care all in one place so Canadians could spend less time trying to navigate their health and benefits and more time taking care of their health.
Over the past five years, gross revenues have surged 60 per cent, operating margin has more than quintupled and the number of Canadians we serve has increased 50 per cent to six million. As a result, our social impact investments have also quintupled, with GreenShield Cares committing to invest $75-million to positively impact at least one million Canadians by 2025.
Insurance is not always known for being innovative or revolutionary, yet those are descriptors you use when talking about GreenShield.
The benefits industry is ripe for transformation. We’ve witnessed tremendous technological developments that impact our daily lives. People are increasingly digital-first, meaning they turn to their smartphones or computers to manage most aspects of their lives. We expect convenience, seamless integration, easy navigation and a customer-focused user experience. Health and benefits should not be the exception. We created something to directly address this need – GreenShield+ – a digital health and benefits ecosystem that brings our payer-provider model to life. As a ‘payer,’ we offer insurance, administer benefits and pay claims. As a ‘provider,’ we deliver a variety of health care services such as mental health, telemedicine and pharmacy.
GreenShield+ combines all our offerings in a single digital platform, with unprecedented levels of integration between health services and benefits plans, where users can check their coverage, access their benefits, connect with health care providers and get reimbursed for their claims. This integration demonstrates that we can provide more comprehensive care and streamline end-to-end solutions. Simply put, what we’re doing for the industry and for Canadians is revolutionary.
Why is it meaningful to be Canada’s only national not-for-profit health and benefits company?
Giving back isn’t what we do, it’s who we are. Through GreenShield Cares, we reinvest our earnings and self-fund the deployment of our wholly owned health services to support underserved and marginalized communities, with a focus on oral health, mental health and essential medicines.
We are grounded in our commitment to health equity, community well-being and the potential to make a significant impact on the health care landscape in the country. Since 2016, we’ve committed over $20-million to oral health research and clinics. Since 2021, we’ve provided free mental health support to over 75,000 women. And, just this year, we launched our Essential Medicines program, offering free medications to the one million Canadians without coverage.
As we look to the future, our goal is to Create Shared Value, bringing the organization’s social impact and business strategies together as one.
As a leader in the space, what parting thoughts can you share with peers and those growing their careers in today’s setting?
We are hardwired to resist change. But change is what brings progress. This industry, often resistant to change, is a testament to the transformative power of pushing boundaries while staying grounded. After all, change is the only constant.
Advertising feature produced by GreenShield. The Globe’s editorial department was not involved.