Synergy Comp Meets Challenges in 2021
SHARON, Pa. – Last year was “challenging,” says Lew Kachulis, CEO of Synergy Comp Insurance Co. in Sharon, Pa. “But we rose to the occasion.”
Synergy Comp is a single-line workers’ compensation insurance company.
“We achieved most of our planned goals for 2021, despite a flat revenue year,” Kachulis says.
“We continued our growth trajectory, writing more business than in any other year and continuing our geographic expansion.”
Synergy Comp expanded to Delaware, Georgia, Maryland, New Jersey, North Carolina, South Carolina and Virginia and laid the foundation for a major expansion in Indiana, Illinois and Michigan, he says. It also increased its employee census by 12%.
The company faced pandemic-related challenges, particularly with workers’ compensation being susceptible to employer payrolls, which were down across the board. Manufacturing and some health care clients were hit hard, Kachulis says.
Synergy wasn’t immune to the challenges posed by the “great resignation,” and lost several employees. However, a few past employees returned, he says, and a “family first” work philosophy paired with a hybrid work model helped minimize staff losses and strengthen recruitment.
The company invested in technology in 2021, including predictive modeling and artificial intelligence. “Synergy Comp has been an early adopter in these technologies, working with industry leaders such as Carnegie Mellon for guidance,” he says.
This year, Kachulis expects “aggressive growth and a robust year” and predicts a 25% increase in business as the economy improves. He’s optimistic about the region’s prospects post-pandemic, and suggests the business community take advantage of flight from major metropolises.
“We should 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.”
Copyright 2024 The Business Journal, Youngstown, Ohio.
