Executives spend a lot of time worrying about their bank accounts, but the reputational piggy bank is the most important account of all. Captives must think and act strategically in order to ensure they maintain a healthy balance, says Robert Weinhold of the Fallston Group.
Like any other insurance company, a captive needs a strong board to provide the appropriate level of oversight. Scott Bailey of Carr, Riggs and Ingram outlines what boards do, and what characteristics to look for in prospective board members.
Research reports by security firm AlgoSec, the SANS Institute and Kroll all confirm that the greatest threat to your company and network comes not from hackers on the outside trying to get in, but from employees either intentionally or unintentionally causing damage from within. IATA’s Dexter Morse discusses how companies can better protect themselves.
It has been a turbulent start to 2020, with the world battling one of the most significant pandemics seen in a century and financial markets in turmoil. People have rarely faced so much uncertainty, risk and insecurity, but companies with employee benefits captives have one thing less to worry about, says Willis Towers Watson’s Paul McNiff.
Gig workers are playing an increasingly important role in the global economy, a phenomenon that is likely to be accelerated by the COVID-19 pandemic. Captives must adapt to the trend by offering flexibility at work, says Greg Lang of RAIN.
The gig economy is a labour market of short-term contracts and freelancers that to many people conjures up images of Uber and Lyft. However, the concept is much bigger than that, and looks set to dominate the future of work. People, employers and insurers must learn to adapt to make the most of the potential benefits, says Greg Lang of the Reinsurance and Insurance Network.
The demand for insurance talent is growing, which is especially true for the captive insurance industry. With baby- boomers retiring, generation X aging and millennials switching off at the mention of insurance - , where is the talent going to come from? Kathleen O’Neil Larkin, attorney and instructor at Missouri State University, says the gap between industry and academia must be bridged.
The failure of a captive can often be traced to a breakdown in quality corporate governance. Ben Whitehouse, senior counsel at Butler Snow, outlines the important attributes of good captive governance.
Melvin Findlay, a specialist with AXA XL’s Captives and Global Programs team based in London, shares his perspective on the opportunities the captive insurance industry offers to young people.
Dan Towle reflects on his first year as president of CICA, his outlook on the market and the importance of continuing to fuel innovation in the captives sector.