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.
As the potential benefits of blockchain and cryptocurrencies for captives start to materialise, jurisdictions are competing for the top spot—but where does Cayman stand? Cayman Captive investigates.
For products that are difficult or even impossible to insure, the combination of the blockchain with parametric triggers seems to reveal possibilities which previously could only be dreamed about, says Tatjana Winter of the BlockART Institute.
Established companies in the captive insurance market are developing business models that incorporate cryptocurrency and blockchain. Tatjana Winter, head of BlockART institute, has the details.
The direct and indirect impacts of a cyber attack can be substantial, but a captive can be an efficient and effective mechanism for financing and managing this continually evolving risk. Steven Bauman of XL Catlin has the details.
Utilising blockchain can improve time and resource efficiencies, making all the links in the chain work smoothly, but blockchain’s success depends on the industry working together, according to Alexandra Gedge of JLT Insurance Management.