Captive board members must have an understanding of the businesses they are working with to be effective in their roles, according to Margaret Nekic, president at Inspirien.
The insurance industry needs “less asinine adverts on TV showing insurance people playing with animals, and more of that marketing budget being spent on educating people about insurance, and encouraging a new generation of people into this industry,” according to Zachary Finn, professor and director at Butler University.
Captives are driving innovation to a far greater extent than commercial insurers, according to Michael Maglaras, principal at Michael Maglaras and Company.
The insurance industry must be bold and embrace the changes being brought about by the influx of millennials into the labour market, and into the consumer market, according to Laura Drabik, group vice president for business innovation at Guidewire Software.
Captive owners should be more aggressive in their investment strategies and target higher returns from their portfolios than many are currently achieving, according to Andrew Barile, founder and CEO of Andrew Barile Consulting Corporation, a consultant for the insurance industry.
CHSI Technologies believes its Captive Manager tool for its cloud-based platform, Connections, will be a real game-changer for its captive clients.
The 2019 Vermont Captive Insurance Association (VCIA) Conference consistently draws between 1000 and 1100 attendees, making it the largest US captive event. This year is likely to be no different, with a little over 1000 attendees expected to be in Burlington.
David Provost, the deputy commissioner for captives in the State of Vermont, estimates that this is his 25th VCIA conference. His first was in 1986, but he was not such a regular fixture in his first few years, attending only sporadically over the next decade or so. But since the turn of the century he has not missed a year.
Speakers at the inaugural Captive Immersion session on the eve of the VCIA Conference were unanimous in praising Vermont as the leading onshore captives domicile, with most citing its consistency, or predictability, as a key component of its appeal.
Artex has launched a new group captive program, designed specifically for construction companies within the US.