Bill Daggett, Jr. is the Chairman of Kistler Tiffany Benefits, a private employee benefits firm with revenues of $60+mil. The company operates out of six offices throughout Pennsylvania, Delaware and New Jersey and has more than 140 employees. Bill began his career with Kistler Tiffany in 1962 in a part-time role, but eventually founded and served as CEO of Kistler Tiffany (KT) Companies for 17 years, and subsequently held the position of Managing Partner and Co-Owner. Currently, he's on the board of several for-profit companies, is actively involved in Ursinus Collrgr,his alma mater, and also gives back to the community through Kistler Tiffany Foundation. On this illuminating interview, Bill shares more about the changes in the insurance industry over his 50 years at KT, as well as the challenges and opportunities he has seen in his career. Bill offers up advice from his years of experience on leadership, entrepreneurship and success, as well as his thoughts on why business owners should be giving back to their communities. Tune in to find out more.
Key Takeaways:
[1:19] Kevin introduces his guest for this episode — Bill Daggett, Jr.
[4:47] Kevin celebrates the fact that Bill has worked for the same company for over 50 years, and has been married to his wife for over 50 years.
[6:15] What has happened in the insurance industry over the years? Bill summarizes some of the major characteristics of the past 4-5 decades.
[10:02] What was Bill's process for getting clients in the early days before email, texting, and fax?
[12:06] The key to Bill's success has been doing one thing, and doing it well.
[12:55] In the 90s, what were some changes in the industry from the healthcare or legislative standpoint that presented major opportunities or hurdles?
[15:08] Kevin and Bill discuss the changes in IBX.
[16:20] What the difference between the different carriers?
[17:47] Bill shares more about the different roles the 140 employees play at his company.
[18:49] How different is the magnitude of complexity over the past 50 years?
[20:58] Bill shares more about the call centers that he owns.
[22:37] How did Bill decide to employ seniors to work in the call centers?
[25:21] What was Bill's first sale?
[27:26] At some point, Bill lifted out of the KT umbrella. What happened there?
[28:46] What are the greatest opportunities and threats in the benefits business today, and in the next 10 years?
[32:56] If a single payer system doesn't become a reality, what are the opportunities?
[35:22] What is C2? Bill shares more about its history and how it has evolved.
[40:10] What is his leadership style?
[42:38] How did Bill groom Shawn Orenstein and Joe Dowd to become CEO and President of the company?
[44:35] Who were some big influences over the course of Bill's career?
[45:44] Bill has retained many of his employees over decades. What were some of the key influencing factors in that?
[50:56] What are Bill's thoughts on whether entrepreneurs are born or made?
[52:29] When Bill has faced losses, what was the main reason?
[55:15] Kevin and Bill discuss his involvement and investment in different deals and opportunities over the years.
[57:42] Bill elaborates more on his experience with Kirk Wycoff and the banks.
[1:00:17] Apart from Kistler Tiffany Foundation, what are some things Bill is involved in that are part of his legacy?
[1:02:07] Bill believes that it is a “necessary responsibility” for a business owner to give back to the community.
[1:02:49] What advice does Bill have for young people starting their career today?
[1:07:21] What are Bill's thoughts around the Philadelphia region as a place to do business?
Links:
BILT215 Episode 001: Tony Nichols — Chairman Emeritus of Brandywine Realty Trust
Shawn Orenstein, CEO of Kistler Tiffany
