Engagement & positivity make for better performing boards

The importance of ‘firing up’ captive board meetings and cultivating increased engagement and positivity regarding the captive's operations were highlighted during a panel discussion on board engagement at the ongoing Vermont Captive Insurance Association (VCIA) annual conference.

The panel pointed out that far too often, captive board meetings become routine over time, limiting the value they provide to their parent organisations.

The panel, featuring Bruce Whitmore, Director & Senior Consultant at WTW, Dave Dietz from EIIA/College Insurance Company, and Julie Bordo of PCH Mutual Insurance Company, explored various tools and strategies for invigorating board members and enhancing their engagement before, during, and after board meetings.

The discussion stressed the importance of making pre-meeting dinners constructive, illustrating productive and counterproductive board member behaviours, and offering innovative ways to strengthen captive board meetings.

Moreover, Whitmore stressed the need to imbue each captive board gathering with a subtext, with organisers developing a purpose beyond the agenda's stated items. The panel emphasised the significance of engaging all board members and establishing a culture of curiosity to encourage participation and questions. Developing cognitive empathy and establishing common goals were identified as ways to ensure successful board meetings.

To maintain engagement, the panel highlighted the importance of averting the '90-minute brain drain'—the point during a four-hour meeting when focus wanes. The panel emphasised the necessity of refining the agenda to sustain attendees' attention, possibly by using dashboard metrics like red/amber/green to underscore the performance of key elements on the board's agenda.

Finally, the panel addressed various board member personality types. Some might lack insurance expertise, necessitating education about captive insurance priorities. Others may exhibit passive-aggressive or disruptive tendencies.

It's crucial to defuse confrontations, engage disengaged members, and distil information to its essentials as needed. Additionally, the panel highlighted the importance of managing aspirational board members—those brimming with ideas. While these ideas might be promising, addressing their practicality is key, rather than dismissing them outright.