25 Feb Synergy Comp 2021: Challenges Abound, Growth Persists
Synergy Comp was highlighted in the The Business Journal | Youngstown Publishing Co. Growth Report 2021.
“2021 was challenging, but we rose to the occasion,” says Lew Kachulis, CEO of the Sharon, Pennsylvania-based company. “We successfully achieved most of our planned goals for 2021, despite a flat revenue year. We continued our growth trajectory, writing more business than in any other year and continuing our geographic expansion.”
One pandemic-related obstacle that the company faced is that workers’ compensation is uniquely susceptible to employer payrolls, which were down across the board. Synergy Comp has a large service concentration in manufacturing, which was hard hit by Covid-19. In addition, claims increased due to some healthcare service workers Covid-related claims.
Kachulis also notes that the company wasn’t immune to the challenges posed by “The Great Resignation,” and they did suffer the loss of employees but, happily, also saw the return of a couple past employees. A strong work culture with a “family first” philosophy, and a hybrid workplace affording remote work options helped minimize staff losses and strengthen recruitment.
Along with work flexibility, Synergy focused on technological investments in 2021. Kachulis says that the insurance industry is being transformed by technology, predictive modeling, and Artificial Intelligence (AI). Synergy Comp has been an early adopter in these technologies, working with industry leaders such as Carnegie Mellon for guidance.
Despite the year’s challenges, Kachulis points to the company’s many successes:
- Deepening its presence along the eastern seaboard in Delaware, Georgia, Maryland, New Jersey, North Carolina, South Carolina, and Virginia.
- Laying the foundation for a major expansion in Indiana, Illinois, and Michigan
- Growing the employee census by 12%.
- Converting the operation to a hybrid work model, something that was in progress with the geographic expansion, but which was accelerated and refined during the pandemic.
- Earning a rating upgrade to an A- Positive by AM Best.
- Earning high Net Promoter Score (NPS) scores with its clients, its broker network, and its employees.
- Continuing to support local community charities and scholarships for pre-K daycare services through the Synergy Comp Foundation.
Kachulis is quite optimistic about the year ahead, projecting the company will experience aggressive growth and a robust year – up to 25% growth. This is due to increased payrolls, wage growth, and good employment as the economy rebounds, as well as its own expansion and a continued focus on technology and commitment to employee satisfaction along with rich company culture.
“We feel confident about our path,” says Kachulis. “As a mission-based company, our model has proven attractive to enlightened employers in any economy. Our mission is making workplaces safer, which helps companies reduce costs and increase profitability.”
Kachulis is also optimistic about the region’s prospects post-pandemic, suggesting that the business community should take advantage of the flight from major metropolises. “We should actively work to attract remote workers to relocate to this area,” says Kachulis. “We are well situated near major urban areas while offering a better cost of living, a favorable climate, and a desirable lifestyle for families.”
To learn more about Synergy Comp, and the services we provide, continue on!
No Comments