BUSINESS NETWORKING ROUNDTABLE #23
Vice President of Employee Benefits Services
Tycor Benefit Administrators
Tuesday, February 20th, 2018
9 AM - 12:00 PM
(Breakfast Served 8:30 AM)
Tycor Benefit Administrators
850 Cassatt Road
1St Floor (Conference Room)
Berwyn, PA 19312
WHO SHOULD ATTEND?
Participants will be principals, owners, partners or representatives of a BEACON Member business. There is no limit to the size of the Member business. While many BEACON Members are in job transition, Business Networking Roundtable events may be attended ONLY by Members who either have a recognized (registered) business entity or work for one.
As a participant, you will share “the story of your business” – strategy, target clients, business development techniques, etc.
You get the opportunity to develop 12 new “Brand Ambassadors” - each with a clear understanding of the value proposition of your business.
As the host, Joe Luscavage will share the challenges Tycor’s, Employee Benefits Services (EBS) division is facing as they differentiate the Tycor brand and grow through organic sales, with some targeted business acquisitions.
Tycor values its independence; it is not following the insurance market trend of pivoting it’s sales focus up market and is resisting the procurement advances of larger national insurance firms. Scaling as it grows, its mission is to double in terms of new business growth by 2023.
Servicing, retirement, investment and benefits customers since 1980 it recently saw its 1st & 7th clients retire. They trusted Tycor for 38 years allowing it to live up to its claim of helping customers “Live Well, Retire Comfortably.” Service is the cornerstone of the brand. Excellent service requires excellent teams and teams are made up of great people. Tycor is a twenty-five person company whose members hold professional designations in their individual areas of expertise. Client needs are understood through individual interactions and accessible team members. It starts at the front desk. The telephone at Tycor is always answered by a live person during business hours, no exceptions. The Tycor customer is treated like an important person. In 2017, a survey of EBS clients yielded a plethora of useful information but as a whole it was clear that customers are engaged as 85% of them surveyed, responded. With a 98% satisfaction rate, EBS is sure that going into its 38th year of business Tycor is exceeding its service metrics. Most survey responded returned comments and many where accolades directed at staff by name.
“(make) No changes, unless you can keep Lois Smith from retiring – she’s great!”
“Lois Smith & Wendy Voloshin – Always very helpful! Lauren Stuart – EMC loves your benefit presentations & knowledge!”
“Tycor has been providing excellent service for us for over 30 years.”
“Your company is very caring & always tends to our needs 100%”
Tycor does not only help its clients plan for retirement, their employees reach the same milestone. In 2017, two tenured team members celebrated their retirements and project two more by 2019. There is a little trepidation in losing dedicated staff to retirement but that is one of the businesses Tycor is in.
Tycor’s future is GROWTH. “Buyers want to buy they do not want to be sold.” As such, the agency has designed a five-year growth plan with three primary avenues of advancement.
1. Direct to customer. Targeting businesses of 250 (+/-) or less employees in Pennsylvania. Those companies who need the talents of a benefits department but don’t want to spend the capital necessary to support and direct hire a whole department. Tycor is armed with a robust education library used as an outreach conduit. Vehicles for those outreaches include an annual webinar series (winter-months), live seminars and roundtables (called Business Builder), and support to partners including CEUs for CPAs, member Chambers of Commerce, County Medical & Bar Associations and other professional organizational partners. Five times per year, 200 prospects are chosen as recipients of the Hot 200 campaign. This is a direct to customer campaign consisting of six different educational mail drops (post card, card envelope, and hand addressed stock) and one outreach (drop or call). This campaign is designed to seek out opportunity, buying customers and to reinforce the brand.
2. The identification and enhancement of channel/alliances. These could be cooperation with professional organizations within our core verticals (manufacturing, healthcare and professional services) or allying with sources of direct recommendations; examples are CPAs. An expansive media list to which is shared original subject specific content. Most recent was the lead story for Plan Consultant Magazine and the next will be an article on PA Medical Marijuana and Medical Savings Accounts.
3. Continued cross-selling among divisions the third axis of advance is found specifically in benefits. That of take over business with prospects who wish to exit their PEO (Professional Employer Organization). Being visible and available to those types of prospects when they make the decision to unwind from the PEO.
4. Targeted acquisition or branding when and where appropriate is always a point opportunity growth. Although this is not a primary avenue of advance Tycor will acquire agencies, or white brand another’s who does not want to or who lacks the capabilities do the heavy lifting of administration associated with health insurance benefits.
For more, visit Tycor’s Website
Tycor Benefit Administrators
Pipeline is growing but cost of acquisition of client is high. We are successful when given the opportunity to meet with a prospect face-to-face. Gaining those types of interactions to date is a heavy lift.
What are the most effective and efficient manner to
ü change the paradigm,
ü reach critical mass,
ü shorten the time line and
ü get more customers calling us when they are ready to buy?
What is missing from the plan?
GUIDELINES FOR PARTICIPANTS
A Business Networking Roundtable (BNR) event is a Member business-focused event designed to enable Members to share information about their business with other Members and for participants to learn about other Member businesses in a focused and moderated setting. The Business Networking Roundtable events are for Members who are in business and who wish to do business with other BEACON Member businesses.
The purpose of the meeting is business networking and designed to be a better way to learn more in-depth knowledge about other Member’s businesses with whom participants may want to engage, collaborate and or recommend to their business network.
Instead of the usual 30 second “elevator pitch” participants will be given 3 minutes to answer the following questions which will help others understand their business and what it is that they are looking for:
1. What is your business?
2. What makes you different?
3. Who is your ideal client?
4. What is a good referral for you?
Participants will also be able to participate in a 20-minute discussion of a business challenge or topic of the Host’s choosing. Best practices, suggestions, experiences will be shared.
Participants will be principals, owners, partners or representatives of a BEACON Member business. There is no limit to the size of the Member business. While many BEACON Members are in transition and considering starting their own business, Business Networking Roundtable events may be attended ONLY by Members who have a recognized (registered) business entity. Participants will:
Register for a specific Business Networking Roundtable event through the Beacon website.
- Agree to the meeting guidelines and strictly adhere to them.
- Come to the meeting prepared to answer the 4 questions below for their Business.
- Act in good faith to support other Participants by providing assistance with contacts and or referrals as appropriate.
- Be members of the BNR Group that is maintained on the Causeway site.
· Be on time and stay through the end.
- Follow the directions of the Facilitator and stay within the time allotted.
- Extend professional courtesy to others by refraining from using phones, working on computers (other than taking notes) or texting during the meeting.
- Every effort should be made to avoid distracting other Participants during the meeting.
- Act ethically and in good faith with information and content of discussions that may take place during the meeting. Agree not to share information disclosed with Participants competitors.
- Follow up on commitments made to others during the meeting.