Sandra Parrillo is CEO and president of The Providence Mutual Fire Co., and was recently elected to The Washington Trust Co. board of directors. She is also a director and past chairperson of the National Association of Mutual Insurance Companies and a director of the Rhode Island Public Expenditure Council.
PBN: How does your experience in financial services, including insurance, inform your interest and expertise as it relates to the board?
PARRILLO: Having spent 40-plus years working in the financial services industry, I believe I have a solid understanding of the economic drivers of our industry, the operational challenges faced by our businesses and of utmost importance, positioning our business to respond to the needs of our customers.
I am fortunate to have past experience serving as the chairman of the National Association of Mutual Insurance Companies, which provided me with the opportunity to engage with insurance companies both large and small across the United States. In addition, I am actively involved as a board member with local business organizations and private companies.
As a director of large and small entities, both private and public, I have served on governance, audit, investment and executive committees. All of these experiences will help me bring both knowledge and perspective to Washington Trust.
PBN: What specifically do you hope to contribute to the board and the company?
PARRILLO: Washington Trust and Providence Mutual operate in similar markets and I have a strong understanding of the communities where we do business. Both companies were established in 1800 and have been serving the financial needs of Rhode Islanders for 220 years.
Though not quite as old, thank goodness, I was born, raised, educated and spent my career in Rhode Island. I know Rhode Island, I love my state and the people in it, and I am committed personally and through Providence Mutual and now Washington Trust to serve the people and businesses of the state, to offer them financial protection and to assist them with their financial needs.
I am honored to be a part of two prestigious institutions who have stood by Rhode Islanders for more than two centuries.
PBN: What do you see as the role of the board in advising and guiding Washington Trust through a particularly difficult economy?
PARRILLO: We are all navigating the unchartered waters of this pandemic. The board is thoughtful of both our customers and investors, and I am confident we will keep the best interests of both constituencies in our deliberations.
PBN: How has the insurance industry, and Providence Mutual Fire Co. specifically, been affected by COVID-19?
PARRILLO: I think it is fair to say the COVID-19 pandemic is having a profound impact on the insurance industry regionally, nationally and globally. Our employees are working remotely, our business customers may have curtailed their operations, and our personal customers are driving less and sheltering at home. However, despite the volatility in the capital markets, the insurance industry is well-capitalized, financially strong and ready to respond.
PBN: What advice would you give to insurance customers, both residential and businesses, about investing in insurance during hard financial times?
PARRILLO: The insurance and the banking industry are the cornerstones of the economy. We provide capital to support and grow businesses, we help people buy homes and cars, we give them financial security and peace of mind. It seems to me that both banking and insurance are the best investments around.
Nancy Lavin is a staff writer for PBN. Contact her at Lavin@PBN.com.
