Catering to clients
Client-centric service in a dynamic captive insurance industry is vital, Paul Macey (pictured) of USA Risk Group explains to Captive International.
The captive insurance industry is currently experiencing a significant period of growth and innovation, characterised by strong activity across global domiciles, innovative risk management strategies, and the formation of new captives. Despite this vibrancy, industry leaders such as Paul Macey, president of USA Risk Group, stress the importance of maintaining fundamental principles, particularly in client service.
The industry is thriving, Macey says, noting the robust pace of new formations across various domiciles, including increased activity in Europe. However, he cautions against complacency, emphasising the need to focus on core principles.
“We must remember that amid all this activity, the primary obligation is to deliver a service that truly reflects the client’s needs and expectations,” he states.
This client-first approach, according to Macey, requires attentiveness to clients’ unique requirements rather than a one-size-fits-all approach. By tailoring solutions to individual needs, the industry can maintain its reputation for innovation while ensuring that its growth is sustainable.
Bespoke vs off-the-shelf
Macey employs a metaphor to illustrate the importance of customised client service. “If you were buying a new suit, you could get an off-the-rack one that looked good but needed a few alterations , or you could have a tailored suit that fitted you perfectly,” he says. “We aim to be the tailor—understanding the client’s business, goals, and specific requirements to provide tailored solutions.”
This approach involves understanding the technical needs of clients and adapting to their preferred communication styles. Macey highlights that some clients may prefer detailed walkthroughs of financial statements, while others prefer a high-level approach with periodic reports. “Flexibility in matching client preferences is key,” he adds.
Another vital aspect of Macey’s philosophy is transparency about a company’s capabilities. “We can’t be all things to all people,” he comments. “Understanding what we excel at, which at its core, is providing independent captive management services, while not trying to cross-sell or perform non-core services, builds trust.” Instead of overpromising, his team collaborates with clients to find complementary service solutions, reinforcing a reputation for reliability, independence, and honesty.
This commitment extends to aligning internal capabilities with client needs. “We ensure that the teams we assign to clients are well-matched to their requirements,” he explains. “We do not have industry-specific teams but we do make sure that the team members have the necessary experience in the client’s industry.”
We ensure multiple team members are familiar with the client’s account, providing continuity and diverse expertise.
“The primary obligation is to deliver a service that truly reflects the client’s needs and expectations.” Paul Macey
Cultural and generational sensitivity
Understanding the cultural and generational nuances of clients is another aspect of Macey’s client-focused strategy. “As we develop opportunities outside the US, the need to understand how business is conducted in different parts of the world is important to meeting service and deliverable expectations,” he says.
Generational differences also play a role. Macey notes that younger clients and team members often prefer digital communication, while clients from his generation may lean toward phone calls or in-person meetings. Striking a balance requires keen awareness and adaptability. “Encouraging personal interaction where appropriate, and training younger team members to feel comfortable in those scenarios, is vital,” he says.
The COVID-19 pandemic revolutionised the way businesses operate, with remote work becoming a mainstay for many organisations. While initially sceptical of the concept, Macey became a convert to flexible working. “COVID proved our business continuity plan, but more importantly, it showed us the value of flexibility,” he notes.
“Now, we have a hybrid approach that allows our team to work remotely while ensuring we always have a presence in the office.”
Flexibility enhances employee satisfaction and translates into better client service. “For many, the ability to manage their own schedules and have the flexibility to achieve a work-life balance is paramount,” Macey explains.
He notes that a hybrid working style may not work for all insurance managers, but explains that USA Risk Group is well-positioned to offer this to its staff as the level of experience and tenure (average of 14 years) of its staff means flexible working is achievable without sacrificing its high standards of work.
The role of team dynamics
A core element of Macey’s approach is fostering strong, multi-level relationships between clients and the team. “We don’t assign only one person to a client,” he explains. “We ensure multiple team members are familiar with the client’s account, providing continuity and diverse expertise.”
This structure reduces risks associated with staff turnover and ensures clients always have access to senior management. “Clients value the ability to connect with decision-makers,” Macey notes. “We emphasise this in every engagement.”
He believes in empowering his team through a democratic, inclusive work culture. “If you look after your employees, they’ll look after your clients,” he asserts. By creating an environment where employees feel valued and included, his team is better equipped to deliver exceptional service.
As the captive insurance industry evolves, Macey highlights the need to balance innovation with adherence to time-tested principles. He stresses that while embracing technological advances and adapting to changing client expectations, the essence of the business remains rooted in trust, understanding, and personal connection.
“Buzzwords such as ‘trusted advisor’ can feel overused, but they capture what we strive to be,” he says. “We want clients to feel confident coming to us with any issue, knowing we’ll prioritise their needs and deliver the best possible solutions.”
The path forward
In a dynamic and competitive industry, Macey’s insights offer a roadmap for maintaining excellence in client service. By understanding and adapting to clients’ unique needs, fostering strong team dynamics, and embracing flexibility, companies can navigate the complexities of a growing market without losing sight of their core mission.
“It’s not about being everything to everyone. It’s about being the best at what we do, for the clients we serve,” Macey concludes.
Paul Macey is president of USA Risk Group. He can be contacted at: pmacey@usarisk.ky
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