Captives embrace their innovative zeal

Attendees at the VCIA conference expressed confidence in their innovative prowess, with 31 percent of those asked how successful their captives have been innovating saying they had achieved measurable success.

A further 31 percent said they were in the early stages of their innovative journey.

Of those asked what the biggest obstacle blocking innovation was in their organisation, 26 percent responded that it was a knowledge barrier. A further 24 percent said the organisational culture presented the biggest obstacle.

One captive that overcame the hurdles blocking the path to innovation was the Educators Health Insurance Exchange of New England (EdHealth). Formed in 2013 to represent educational institutions, it has reduced reduced healthcare renewal expenses for its members by 2.9 percent at a time when the average three year increase in healthcare cost has been 0.5 percent.

It achieved this by being more careful to analyse its data, said Tracy Hassett, CEO at EdHealth, in partnership with HCMS Group, an independent health information service company with around 20 captive and risk management group clients.

Dean Thompson, vice president of marketing and sales at HCMS Group, said the benefits EdHealth had achieved were within reach of other organisations willing to embrace innovation. He admitted he made a bold claim, but insisted: “We have solved the rising cost of healthcare problem for US.”