If I don’t do this now, it’s never going to happen: A Q&A with Kimberly Soares
For Insight Business Solutions president Kimberly Soares, success is about building relationships and following through on promises.
Kimberly Soares is president and chief solutions officer at Insight Business Solutions Hawaii, where she utilizes her experience and knowledge to provide an unbiased evaluation of employers’ benefits package.
Paul Wilson: How did you get your start in the benefits industry?
I started out working at a health insurance carrier here in Hawaii in 2002 as a billing clerk. I was young and didn’t really know anything about it. Eventually a sales position opened up, so I applied and was hired as an account manager.
Here in Hawaii, we have prepaid health coverage, so I started studying for the Hawaii Health and Life license. When I passed the test, I applied for an account executive position and was very successful in that role. I was offered positions with several local brokers over the years, and that was always in the back of my mind. But every time I considered leaving to pursue my dream, I got another promotion.
A few years ago, I was promoted to VP and joined the executive team. I loved doing that and enjoyed seeing how the decisions were made. But with that promotion came a lot more work; I took on more management responsibilities as well as events and promotions. Even though we had vacation and were encouraged to take it, I rarely did. My kids are the age where they’re starting to travel for sports, but I wasn’t able to enjoy that. It became overwhelming for me. It reached the point where I said, “I’ve been wanting to start my own brokerage for such a long time. I think if I don’t do this now, it’s never going to happen.”
PW: What have been the challenges of starting your business?
During that first week after I left, I was thinking, “Oh my gosh. What did I do?” My daughter and I hadn’t been able to spend very much time together for a while, so we went to Washington for the weekend. It was a release, because I didn’t have to worry about employees or wonder if my department was making their sales numbers. When I came back, I had a clear mind. I started to really focus on building my book of business. It’s been a combination of cold calling and building on previous relationships. Several clients wanted to continue working with me, so that helped right away.
PW: How has your background in the industry shaped you and the type of business you’re trying to create and run?
I’ve worked with a lot of brokers over the years, and several really stood out to me. There are different types of brokers; some will just go in for the close and don’t really focus on service; others are very analytical and numbers-focused. I am a relationship person. I know how that sounds, but I truly believe in working with the client to find the best fit for them.
There are a lot of good brokers in Hawaii and across the U.S., but it’s a matter of finding the right fit. Not every company, HR professional or CEO will connect with their broker. It’s about building that relationship, working with them and following through on my promises.
That’s my goal, to really help and provide service for my clients.
PW: Are there any particular challenges or opportunities unique to your part of the country?
As I’m building my business, I’m seeing a lot of employers here that have relationships with corporate brokers on the mainland. Those were the groups I was working within my previous role, hotels and such. So I still want to focus on the tourism industry, but the challenge is I’ll be competing with those corporate brokers.
And in Hawaii, your relationships are everything. It’s a very small space; we don’t even have 1.5 million people. Most brokers here know each other, so having worked with many of them in the past, the last thing I want to do right now is step on toes.
One difference about working here is we’re mandated by the Hawaii Prepaid Health Care Act. I wouldn’t say it makes it difficult, but there are certain strategies, like self-funding, that we can’t do without approval. Many small groups aren’t used to it, especially if they’re coming from the mainland. We have a lot of transplants who aren’t familiar with Prepaid health insurance, so some companies may be out of compliance because they’re buying plans that aren’t approved. We spend a lot of time educating these groups and letting them know that there are certain challenges about living and working here.
But the good news is that if you buy a plan that is approved, you are guaranteed to find a provider that will take the coverage. And there are only four approved carriers that sell health insurance to employers, and only two that do individual plans. So, the market is very good; even before the ACA, health insurance was mandatory for all employers.
Another challenge is that many of the Centers of Excellence and top-rated places like the Mayo Clinic are on the mainland, so it’s sometimes more difficult for members to find the right places for care within the given networks.
PW: How are you adapting to the COVID-19 pandemic? How has it affected you as you work to build a new business?
It’s been very tough. In addition to working, I’ve had to also become a school teacher. And this, of course, is on top of the typical tasks that come with running a household. I’ve had to learn to balance it all; it’s been a challenge.
But I’m actually grateful, because it’s given me an opportunity to work closely with my clients and listen to their fears. We were shut down here on March 22nd. During the first two weeks of March, I was out doing enrollment for a very large restaurant group. Sadly, the day before we shut down, they called to let me know they had to let most of their employees go. That would have been a big boost to my business, but it didn’t end up happening. But at the same time, I had to be understanding; it was something no one could help.
It’s a matter of taking a step back and thinking about how I can help my clients and prospects without being a pest about it. It has become about helping them navigate and find resources. I’m a part of different chambers and associations that provide updates, so I send those out to clients and prospects and then work to build the relationships from there. I try to help them find solutions, provide information about PPP and make sure they applied.
PW: How do you see this pandemic changing health care and benefits?
A lot of employers are scaling back because tourism has basically stopped here, which is a big deal. Without tourism, a lot of businesses have already folded. And even though restaurants have opened, many people don’t want to go out to eat. The way it’ll affect us most here is that employers will scale back, look to part-time employees and find other ways to cut costs.
PW: How can the industry continue to attract younger and more diverse candidates?
Hawaii is unique in that way. It’s still very male-dominated, but the diversity and culture are very different here. I was born and raised here, and my nationality is a mixture of almost every culture that’s on this island.
We need more women in the industry. There are a lot of women here who are very strong brokers, but the male presence is still strong. During my career, I’ve definitely had times where I felt that I was limited because I was a woman, especially when it comes to moving up the ladder. Actually, that was one of the things that appealed to me about starting my company. One of the first things I told my children was, “Hey, I’m president now!” I didn’t think that was ever going to happen.
PW: Where do you look for inspiration when you need it?
My family. I have two adult children, a 15-year-old and an 11-year-old. The two younger kids keep me on my toes. They’re always incredibly busy. Before the pandemic, I didn’t get to spend as much time with them, so in some ways, it’s been a blessing in disguise for me. I’ve had some time to recharge and appreciate things I took for granted in the past. Every evening, we’ve been taking a walk for an hour and just reflecting on the day.
PW: Finish this sentence: The key to success in this industry going forward is…
Keeping an open mind, being adaptable and listening and working with your clients instead of having your own agenda.
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