[Watch and Read] Innovating for success
Executives from companies that were highlighted in Captive International’s Cayman Awards explained the secrets of their success in an online panel.
The captive insurance industry has long been characterised by its adaptability and resilience, but as recent discussions among industry leaders have revealed, the sector’s success hinges on a combination of teamwork, client focus, technological advancement, and talent development.
At a panel discussion hosted by Captive International, executives from leading companies shared their insights on the strategies that earned them recognition at the Captive International Cayman Awards, offering a glimpse into the practices driving excellence.
Kara Knowles (pictured left), executive vice president at Gallagher Bassett Specialty, attributed her company’s success to its deeply personal and tailored approach to claims management. “The key to our success at Gallagher Bassett is the personal nature and the way we tailor ourselves to the captive market and to our individual clients,” Knowles explained.
“Each captive presents its own unique challenges. Coming at it from a claims management standpoint, we’re able to take our expertise, apply it, and help our client through the whole process.”
This commitment to understanding and addressing client-specific needs was a recurring theme across the discussion, highlighting the industry’s focus on bespoke solutions rather than a one-size-fits-all approach.
“We want our claims handlers to be experts in their field and in the industry.” Kara Knowles
Watch the full panel discussion below
The power of teamwork
Clayton Price (pictured right), managing director and general manager at Beecher Carlson Cayman, cited teamwork as the defining factor in his company’s success. Reflecting on his company’s performance, he noted: “It comes down to teamwork. We all work together with one another, whether a client is here or managed elsewhere. The fact that we can draw on those resources is a tremendous benefit.”
Price emphasised the value of avoiding a “silo mentality”, praising the collaborative environment of his parent company, Brown & Brown. This interconnectedness allows teams to leverage collective expertise, fostering innovation and efficiency across the board.
Listening to clients
Suzanne Sadlier, executive vice president–captive management, North America at Artex Risk Solutions, echoed similar sentiments about the importance of client engagement. “We spend a lot of time listening to our clients. Meeting their needs is our day-to-day goal,” Sadlier shared. She highlighted structured engagement as a tool to gather feedback, solve challenges, and continuously evolve.
“Despite Artex’s long history, every single day we consider a new approach and how we can stay relevant and on top.” This focus on listening aligns closely with the notion of a client-first philosophy, which has become central to success in the modern captive insurance market.
The discussion mentioned the pivotal role of investing in people. For Knowles, fostering expertise starts at internship level. “We want our claims handlers to be experts in their field and in the industry,” she noted, adding that partnerships with the historically black colleges and universities (HBCUs) in the US have been crucial for bringing in fresh talent.
Sadlier highlighted Artex’s structured leadership and internship programmes, which nurture talent at all levels, and stressed the importance of diversity, explaining: “It’s important that we are diversifying and making sure there’s a different collective of ideas. For us, that is innovation, which is key in our toolkit as well.”
Price brought another dimension to the talent discussion, pointing out the connection between employee wellbeing and client satisfaction. Brown & Brown’s mental health programmes, designed to help employees recharge, have had a cascading effect on client relationships.
“If employees are happy, they’re going to take care of their clients, and clients are going to be happy,” he remarked.
Leveraging technology for efficiencyng to take care of their clients, and clients are going to be happy.” Clayton Price
Leveraging technology for efficiency
Technology has become a major enabler in the industry, allowing companies to streamline operations and better serve their clients. Sadlier pointed to significant investments in technology at Artex as a means of “making processes more efficient” and enabling staff to access expertise quickly. These advancements, she explained, enhance employee performance and improve client outcomes.
Similarly, Bill Murphy, executive vice president, alternative markets at Arch Insurance, noted how his company’s strategic staffing and technology investments allowed it to navigate a challenging insurance market.
“Over the last five years, we’ve been able to double our business. We now write over $650 million of group captive business in Cayman,” he revealed.
The panel discussion illuminated how industry leaders have built resilient organisations capable of thriving in a dynamic market. From Gallagher Bassett’s personalised claims management strategies to Beecher Carlson’s collaborative culture, and from Artex’s emphasis on client listening to Arch’s robust staffing and technological advancements, the strategies varied but shared common underpinnings: innovation, collaboration, and a commitment to excellence.
Price summed up the industry as a symbiotic ecosystem. “There’s a symbiotic relationship between how you treat your employees and the benefit for your employees—it goes both ways,” he said. This reciprocal dynamic, fostered through intentional effort and strategic investment, is what drives the captive insurance industry’s continued success.
The panel agreed that to be successful in the current captive insurance market a profound understanding of the industry and its unique demands is required. By prioritising client needs, cultivating talent, fostering teamwork, and leveraging technology, these companies have set themselves apart.
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