Tom Knox has been an illustrious leader and pioneer in Philadelphia for over 50 years. He grew up in public housing in Philadelphia, worked through high school, and entered the Navy at 16 where he eventually attained his GED. In the mid 1980s, he worked with Preferred Benefits, & Preferred Care under the Thomas Knox Consulting umbrella. He also served as the CEO of Fidelity Mutual, and in the early 2000s, as CEO of UnitedHealthcare in Pennsylvania. He also built up his political career over the years, serving as Deputy Mayor under Ed Rendell, in the 1990s, and again in 2008 in his bid for governor, and in 2015 for mayor. Tom’s most recent venture is Homestead Smart Health Plans, which operates on a unique model that is disrupting the industry. Tune in to find out more about Tom’s achievements, how he made it all happen, and his advice for leaders today.

Key Takeaways:

[:02] Kevin does a speed round with Tom. [2:12] What is Tom's background? [4:29] Kevin gives a brief overview of Tom's career. [5:59] How did Tom stumble into the banking and insurance industries? [8:39] Some of the work Tom did in his career was around fixing broken companies and things. How did he get into that? [10:52] Tom shares some of his experience with Preferred Benefits and Preferred Care under the Tom Knox Consulting umbrella. [16:23] Ultimately, Preferred Benefits was sold to Ocwen. [17:47] Tom explains how the healthcare arm of his business, Preferred Care, expanded and evolved over time. [23:05] What was Tom's experience with Crusader Bank? [25:02] How did Tom grow his bank from $29 million in assets to $500 million in assets over 6 years? [29:19] Royal Bank eventually bought over Crusader Bank. What caused Tom to sell at that time? [30:36] Tom served as Deputy Mayor under Ed Rendell. What was his position, and what did he do? [35:30] Tom explains how he was able to make so many changes in such a short amount of time. [36:13] Kevin and Tom discuss what happened with Fidelity Mutual. [40:35] 1999, Tom bought Maryland Fidelity, which was eventually bought by United Healthcare. [44:47] Tom eventually chose to leave United Healthcare to join the mayoral race. What attracted him about the mayoral race? [47:23] Tom announced his decision to run for governor in 2008. [48:36] How did Tom get involved in the rubber gaskets industry in China in 2011? [49:56] In 2017, Tom launched Homestead Smart Health Plans where he now serves Founder and Chairman. He explains more about the different components of the health plans. [54:49] What is stop loss? [57:28] What is the typical profile of a company or employer that uses these plans? [58:41] Who are some competitors to Tom's model? [59:40] How much effort has Tom had to put into educating the market? [1:00:42] What impact could a single payer system have on Tom's company, and is it likely to happen? [1:02:02] What are Tom's biggest fears and greatest hopes for the benefits industry? [1:03:45] What is Tom's leadership style? [1:05:57] Who were some big influences in Tom's life? [1:07:58] Who are some leaders that Tom admires today? [1:09:27] If Tom were mayor, what would he change about the city immediately? [1:11:45] What advice would Tom give his younger self?

Links:

Tom Knox on LinkedIn Preferred Benefits Group Ed Rendell Fidelity Mutual Fidelity Insurance UnitedHealthcare of Pennsylvania Homestead Smart Health Plans Ocwen Sunrise Banks Progress Bank Ron Kaplan