Claims is a people business, and there are many lessons the industry can learn from this part of the business, says Dexter Morse, formerly of the International Air Transport Association.
Ride-hailing apps changed the taxi industry; streaming services changed the music industry; food-delivery apps changed how we eat. These shifts have had a profound impact on the ways businesses use insurance, which has created opportunities for captives, says Marsh’s Alexandra Gedge.
Captive insurers participate in the largest and most complex multinational insurance programmes, but often lack the operational resources and technology typically found at commercial insurers to support compliance and programme management, says Daniela Dinkova at Sovos.
Many key decision-makers are looking for new ways of using analytics. Sigma’s Michelle Bradley, Enoch Starnes and Al Rhodes discuss how claim lag metrics can be used to determine projected losses.
With the COVID-19 pandemic bringing about an increase in cyber threats and a heightened reliance on remote work, strong cyber security cultures are needed now more than ever. Turning to captives may be the best way for organisations to improve their cyber security with personalised coverage, says Mark Lanterman, chief technology officer of Computer Forensic Services.
Investing in the best available technology is vital for the future success of a captive. Although the best technology is not cheap, this short-term cost is likely to pay for itself relatively quickly by improving pricing, improving internal and external communication and increasing efficiency, says Sean Barnes at United Educators Insurance Company, a reciprocal risk retention group.
On May 6 the second cohort of Lloyd’s Lab kicked off in the venerable Lloyd’s building on Lime Street—the heart of the London Market. Marcus Schmalbach, CEO and founder of Ryskex, provides a glimpse behind the scenes from the eyes of a participant.
Against a backdrop of significant cybersecurity breaches, rated captives have been seriously considering writing cyber risk, explains Fred Eslami, associate director at AM Best.
A fully digital captive might allow corporates to see the benefits that today only new retail players such as insurtech Lemonade can offer, according to Alan Cabello, general manager of Adjoint Switzerland, who lays out the building blocks of a successful digital captive.
Blockchain is set to transform the insurance industry, and by extension the captives sector. Matthew Queen, chief compliance officer and general counsel of Venture Captive Management, explores five different angles of how captives will benefit.