By Scott Wooldridge | Photography by Tom McKenzie
Women in business have always had to deal with glass ceilings. But in the 1980s, Nancy Giacolone wasn’t thinking about the ceiling; she was just trying to get in the door. She was working as an administrative assistant at an agency and trying to move up. “I asked if I could have an opportunity to do sales, because I had a good sales background,” she says. The response was both abrupt and discouraging. “I was told I would be terrible at it and that I would have to take a cut in pay and still do my administrative duties for half the day.”
Despite the early resistance, Giacolone did well in sales and eventually became a partner in the agency. But she continued to see sexism in an industry that has long been dominated by white males. “If I went to a conference or any kind of event, the first question I was asked was whose assistant I was. I realized that some doors were going to be closed, but if there was an inch, I was going through that door and I was going to show someone what I could do.”
Giacolone quickly showed the industry that she could do quite a lot. In 1996, after nine successful years with her original firm, she founded Olympic Crest Insurance in Gig Harbor, Washington. She admits that both the agency itself and the types of employers it partnered with were a work in progress.
“I’ll be honest, I didn’t have a vision at the time,” she says. “Other than the fact that I knew somebody else wasn’t going to tell me what I could do. It was worth it to be able to do things my way, but that first year, there was a huge learning curve.”
Over time, her vision has centered on giving clients and members the information they need in a way in which they can understand it. “A lot of times, brokers talk at people; I want to talk to people,” she says. “There’s a lot of peacocking in this industry, but I don’t think that’s the right attitude. I want to help people understand, not only employers and members, but others in the industry, as well. We have to work together, to lift each other up.”
“If there was an inch, I was going through that door and I was going to show someone what I could do.”
A big focus on smaller employers
Olympic Crest mostly works with smaller businesses, in part because they are facing the most challenges in providing benefits, Giacolone says. She notes that many vendors don’t have realistic tools or solutions that will work for small businesses, meaning those employers have fewer options. “Small businesses rely on us for so much more than just helping them figure out what insurance plan to choose. Most don’t have an HR department, some don’t have an accountant, many are doing those things themselves. And they often have no idea of the consequences of not doing things the right way.”
Giacolone emphasizes communication and messaging. “We do a lot of outreach and are continually providing them with information and repeating certain things over and over again,” she says. “The key is consistency; you have to keep at it.”
As part of her communications strategy, Giacolone has turned to a variety of platforms, including social media and video channels. She started with a short video series called “Two Minute Tuesdays’’ and then added her own podcast, “Recipe for Success,” which brings in one of Giacolone’s personal passions—cooking—but is primarily a conversation about finding the right ingredients for personal and business success. She also creates TikTok videos for health care benefits administrators and members.
“Social media is something I’ve worked diligently on,” she says.”It’s a way to get information out and build a personal brand.”
Doing what’s best for the client
Allison De Paoli, founder of Altiqe Consulting, met Giacolone several years ago at a conference, where they immediately hit it off. They share the view that the primary role of the broker is to be helpful to the client, and that there’s no one right solution for all groups.
“For too many brokers, their business model is not necessarily aligned with the interests of the employer,” she says. “And right now, there’s a huge rush for talented brokers to only work in the large-group marketplace.”
While the attraction may be understandable, it’s also limiting, De Paoli says, considering the average employer in the U.S. has 19 employees. Advisors like Giacolone and De Paoli who work with smaller employers have learned the importance of a personal touch and helping people understand the complex health system.
“Working with small groups can be profitable, but it’s a different type of work,” De Paoli says. “When you are working with a 20-, 40-, or 60-life group, the decisions made by the employer, who knows every single employee, have a real impact on that employee. And when there’s a problem, somebody needs to help. More often than not, that somebody is the advisor. So, you have to know how to talk to a person—and Nancy and her entire team are exceptional at that.”
De Paoli says Giacolone has learned another important skill. “The most important thing is to listen,” she says. “There may be a simple fix, there may be a complicated fix, there may be no fix. But no matter what, you need to actually listen to what someone has to say.”
Lifting up others
Giacolone has been involved in industry groups over the years as well, serving as president of her local Health Underwriters group. In 2022, she received the “Most Creative Social Strategist Award” at the annual YOU Powered Benefits Symposium, and this year was nominated for “Most Influential Industry Personality of the Year” as well as receiving a “Lifetime Achievement Award.”
She also has a long history of working as a mentor and helping others—including young people. She worked with Junior Achievement for 20 years and says she enjoyed helping students understand the basics of the business world.
One of her most fulfilling roles at this stage of her career is that of a mentor. She has made it a priority to help others in the industry. “Anytime someone reaches out to me, I will freely give my time,” Giacolone says. “I’ve mentored a lot of people just because I want to see them succeed. That’s one thing we often don’t do well in this industry because we’re so competitive.
“But I don’t look at anyone as a competitor,” she says. “We’re all in this together.”