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13 March 2024Analysis

Captive change and evolution

Renea Louie reflects on what has been two decades of extraordinary change for Pro Group Captive Management Services and the captive insurance market as a whole.

"We are passing the right way to do things down to the next generations." Renea Louie

Twenty years sounds like such a long time, yet it seems like just yesterday. As we reflect on 20 years of industry progress, it is truly impressive. Think of the technology, risk management, education, regulation, and so much more in our industry that has played a role in our growth in the last 20-years.

The internet was coming into its own and becoming an integral part of daily life, transforming the way we communicate, work, and access information. The evolution of smartphones, social media, and e-commerce literally reshaped the way we interact and conduct business with and for our clients. It’s been a period of rapid change and innovation, including how we build, utilise, and manage captives.

The past two decades have been marked by huge progress in the way captive insurance is regulated, and owners have more domicile options. The ever-increasing need for captive insurance has grown far beyond projections.

Captive insurers are more diverse and now operate in a wide range of industries and geographic regions. New captive formations continue at an impressive pace. This growth has led to increased competition and innovation within the industry, as captive insurers strive to differentiate themselves and offer more value to their policyholders with those providers that are innovators with them.

More than 20 years ago Pro Group Captive Management Services was breaking ground with regulators and lawmakers to create strong captive statutes, regulations for captives and efficiencies. Over the past 20 years, the insurance industry has undergone significant progress and innovation and so too, has Pro Group. We have made significant award-winning technological advancements, and always been early adopters of innovation and problem-solving, while playing a major role in transforming various aspects of captive insurance.

Part of the solution

Underwriting, claims management, customer service, cell captive innovation and risk management are key to serving your clients well. Pro Group has a long and respected
expertise 30 years strong in managing risk, and safety services and we are proud to be a part of the solution nationwide.
We are passing the right way to do things down to the next generations.

In 20 years, captive insurance companies have flourished with access to vast amounts of data that can be used to develop more sophisticated models for risk analysis. Analysing the data, Pro Group works with its underwriters and clients to ensure captive insurers gain insights into the cost drivers of claims and take steps to mitigate and manage risk more effectively.

Major innovation and progress have developed in the expansion of coverage options. Captive insurance companies are no longer limited to insuring just property and casualty risks. They can now offer a wide range of coverage options, including health, cyber liability, and terrorism risks, to name a few. All of us working together in the industry have made captive insurance an even more attractive option for companies looking to better finance and manage their risk.

The expansion of digital platforms and mobile apps has enhanced the customer experience, allowing for quicker policy issuance, smoother claims filing processes, and better engagement with policyholders and owners. On the other side of the coin, digital platforms have increased the risks exponentially in cyber stalking, cyber crimes, ransoms threats, and more. The captives industry has been at the forefront in recent years responding with solutions to manage and insure emerging risks that were not contemplated 20 years ago.

Overall, the industry has embraced technology and data-driven approaches together to enhance offerings, optimise operations, and better meet the progressing needs of consumers and businesses further than anyone could imagine 20 years ago. Pro Group prides itself on being a part of the solution and future growth of captives along with you and we value the partnerships and collaboration across the industry to work together for the better.

The past 20 years have seen significant innovations in the captive insurance industry, from the use of data and analytics to the expansion of coverage options and advances in technology. As the industry continues to advance and grow, there is no doubt that innovations will continue to emerge, making captive insurance an even more attractive option for companies looking for better answers.

Over the past 20 years the potential for cost savings with captive insurance, more control over insurance programs, allowing tailored coverage specifically to meet each business’s needs, underwriting profits, customisation and control have improved by leaps and bounds with better solutions while potentially lowering insurance costs, making this industry a great place to work every day.

As we celebrate Captive International’s 20th anniversary, we applaud the team for their constant quest to bring us the stories, information, and education that make us better as an industry. Bravo, congratulations and cheers to the next 20 years!

Renea Louie is chief operating officer of Pro Group Captive Management Services. She can be contacted at: