Tanya Boyd is the President and CEO of Texas-based Tanya Boyd & Associates, LLC, an independent, majority-female boutique insurance agency specialising in health insurance for individuals and companies. Below, Tanya elaborates on the state of health insurance, what clients can do to make the most of their facility and the accomplishments that made Tanya Boyd & Associates what it is today.
What goals did you start with when you began the business in 2006? What have been your biggest achievements in the past few years?
After 18 years working for another agency, I decided to leave while my children were still young so that I could have flex time and make a little money, mostly selling supplemental insurance products such as Aflac. As I met with prospective clients—mostly through cold calling—I found they wanted not only Aflac products, but also to work with someone who could be a medical insurance broker and partner for themselves and their employees.
Employing the medical and employee benefits expertise I’d developed over nearly two decades in the business, Tanya Boyd & Associates took off like a rocket. My income doubled in the first year alone. Helping people through cost-effective solutions that make insurance fun, I am thrilled to watch my team flourish and treat clients like family. Over the years, I’ve maintained steady growth with zero debt, all while keeping a 98% client retention rate.
Named one of the Most Influential Women in Benefit Advising in 2014, 2015 and 2017 by industry publication “Employee Benefit Adviser,” in April of 2018 I was also featured as a Woman to Watch by “Austin Woman” magazine.
I have raised the bar and qualified for the Soaring Eagle Leading Producer Round Table through the National Association of Health Underwriters for many years now. Additionally, the US Department of Health and Human Services recognized my agency as a Nationwide Top Performer for helping people in the community get the help and health insurance coverage they need.
What are the typical insurance matters you deal with?
In the past four years, we’ve seen health insurance premiums increase and plan options diminish. Finding affordable healthcare solutions and helping business owners and individuals understand their insurance options is a constant educational process.
Knowing the status quo is not sustainable—especially for my small business clients, I stop at nothing to find the best solution to each client’s unique challenges.
The world of benefits is ever-changing. What worked in the past isn’t working anymore. I study and then educate prospects and clients on non-traditional insurance options, such as taking their group health plans partially self-funded, introducing direct primary care, introducing them to more transparent pharmacy benefit managers, and much more.
What are the challenges that advisers such as yourself face due to what customers expect in terms of products and services?
Getting clients to understand the advantages of change. They may not always be able to keep their existing doctor, but by switching physicians or going to a facility that might have less name recognition but much higher quality outcomes, they can potentially experience significantly better care at much lower costs. An important message we try to deliver is enabling clients to understand the true cost of overall healthcare, not just look at it in terms of their health insurance premiums. People expect their insurance to cover specific brand prescriptions or procedures, but that doesn’t mean the insurance company is required to do so. Advanced education and preparation is key.
What kind of clientele does Tanya Boyd & Associates cater to? How do you achieve the best service for each individual client?
We love working with small employers, ranging from two to 300 employees. We become an extension of their team with unlimited support to the C-suite, HR and all their employees. Sometimes we are their HR department. We take a consultative approach to everything, with empathy and compassion and a servant’s heart. Everyone wants one thing: help. We help people. We don’t “sell” anything.
What goals or developments do you have in your sights for Tanya Boyd & Associates’ future?
First and foremost, having the right team in place, and the right company culture is key. As we grow and empower one another, we are better equipped to support our clients. My goal is to create the best work environment with the best team of employees. Only 2% of women entrepreneurs reach the $1 million mark in revenue. My goal is to be in that 2%. I plan to do it by cultivating my brand, continuing to learn about this ever-changing industry so that I can provide solutions that clients will love us for. I want to be the partner many companies are looking for so that they can focus on their core business.