Captive talent: the key to the future
The main challenge for the captive insurance industry in the year ahead is filling the talent gap and continuing to fill open positions due to the growth of captives. Every aspect of servicing captive insurance companies seems to be affected by needing good, solid talent on their teams. Recruitment and training are going to be key issues for 2023 and beyond, filling roles where people are retiring in addition to handling the overall increase in the number of captives globally.
The advice I would provide to the next generation of talent joining the captives industry includes never stop learning, be curious, ask questions of colleagues, superiors, and clients. Form relationships with peers and seek several mentors—it is important to surround yourself with your own “board of directors” to assist you in your career path. Challenge yourself and give yourself grace as you learn and grow in this industry, as people want you to succeed.
We see the captive industry expanding further with formation of new captives and more people becoming educated on the benefits of using a captive insurance company. The number of captives continues to expand each year—currently the hard market is driving the interest and growth. In addition to the challenges of operating a business today following the COVID-19 pandemic, supply chain issues abound for all types of industries and dealing with climate change.
As a result, risk managers are seeking alternative options which will protect the balance sheets of their organisations.
There is a tremendous amount of growth potential for the captive industry and specifically in the areas of captive consulting and management.
At Hylant Global Captive Solutions, we are focused on customising and delivering solutions for captive/alternative risk options for each of our clients. With the growth, we are extremely focused on attracting and growing the right talent who are a fit for our culture.
Our culture is one of inclusion for all and this provides opportunities for growth with cross-training and exposure to many different facets of captive insurance. I believe the sophistication of the risk manager and use of data will continue to contribute to high growth for the captive insurance industry with formations and expansions of existing captives.
I believe the hard market will continue for a couple more years, as the world economy is continuing to respond to the pandemic, global financial markets fluctuations, inflation, and climate change. There is capacity in the traditional and reinsurance market in certain sectors, but overall there is a hardening and limited capacity.
This will continue to harden pricing, particularly when you look at cyber/ransomware challenges, supply chain and other weather events creating issues for markets