Tracy Garrad | Aviva Canada

Tracy Garrad, CEO, Aviva Canada

Tracy Garrad’s foray into leadership was anything but conventional. Starting her career at 19 in a customer service position, Tracy’s early entry into the workforce was propelled by necessity, when she left school at 17 to care for her four younger siblings after their mother’s passing.

“It was my first experience of leadership, I just didn’t realize it at the time,” she says. “I had to inspire confidence in my siblings for the future, negotiate resources and problem solve, ensure I brought out the best in them and develop their potential. I built huge resilience and that has stayed with me. It taught me the ability to dig deep when things get tough and to get stuff done.”

This resilience and determination helped Garrad become a four-time CEO across different sectors— financial services, healthcare, and most recently property and casualty insurance. Before joining Aviva Canada as CEO in October 2023, she was CEO of AXA’s UK Healthcare businesses and CEO of HSBC’s Channel Islands and Isle of Man business. All of this followed a four-year tenure as the CEO of First Direct Bank.

Named in the Top 20 HERoes Women Role Models in both 2021 and 2022, and a recipient of the Freedom of the City of London for her efforts in diversity, Garrad’s contributions extend beyond corporate success to meaningful societal change.

“I’m a purpose-led leader and I’ve always been drawn to organizations whose purpose resonates with me,” Garrad says. “It’s definitely the case with P&C: we protect people’s dreams and aspirations. And when things happen that disrupt that, that’s our moment to shine. I love that.

“We are also a business, so we have to deliver that service profitably and efficiently, and that’s what gets me out of bed.”

Garrad’s leadership approach is to enable and empower others, focus on setting clear goals, foster talent, and ensure a supportive environment for growth and achievement.

“I like helping people grow,” Garrad says. “It’s important to give them the resources, opportunities and freedom to deliver their best, whilst ensuring them you are there in the background, ready to help remove hurdles or problem-solve when they need it.”

Garrad recognizes the challenges for women aspiring to senior leadership roles, especially in insurance, are multifaceted. She notes a disparity between Canada’s multicultural society and the less diverse business community, underscoring the need for ongoing effort in diversity and inclusion.

“Every organization, to some degree, has diversity and inclusion and gender equality on their agenda, but talking about it is not enough. It’s the actions that make the difference,” she says, highlighting the importance of cross-organizational initiatives, mentoring programs, and the need for societal shifts in perceptions of domestic responsibilities.

“I’m really proud of our company’s credentials in diversity and inclusion. It’s one of the reasons I joined Aviva. We have a senior leader team (VP and above) that’s 50% female,” she says.

“Those of us who have achieved senior positions – and I’m fortunate to have done so – must keep advocating and show other women that it’s possible,” Garrad says, adding the momentum towards gender equality, diversity, and inclusion can only be achieved through creating alliances across the workforce, and continuous action by everyone involved.

She also points to the potential for the industry to value transferable skills, inviting senior women from other sectors – such as banking from where she moved – to consider the insurance industry. “That would be a big step forward,” she says.

For women aiming for the C-suite, Garrad advises recognizing the value of one’s unique contributions and the importance of preparation to assert one’s place at the decision-making table.

“Don’t be intimidated,” she says. “Seek out ways and support to help you build your confidence – whether it’s from a mentor, or having the self-awareness to identify your growth areas and creating a development plan you can action.”