12 March 2024news

Reputation is critical to long-term success in the captives sector

Establishing a reputation in the captive insurance industry is one thing, but keeping that reputation is just as and possibly even more important, a panel at the Captive Insurance Companies Association (CICA) annual conference has heard. 

The panel was composed of Rachel Moir captive & risk finance product manager, IRMI; Kim Guerriero, principal & consulting Actuary, Milliman; Josh Clark, area vice president, Gallagher; and Dylan Feringa, vice president – director, Insurance & Specialised Industries Group, PNC Institutional Asset Management. 

The panel agreed that the captive insurance industry thrives on relationships, and industry veterans know that the most important asset for any captive professional is their reputation.  

The panel stressed that when building a professional reputation when you are just starting it is important to be yourself and not project a persona that is artificial.  

“You can’t buy a good reputation, you must earn it,” was the mantra that the panel underlined. They stressed that it is important to talk to as many people as possible at conferences and not to be afraid to network. 

The panel agreed that it can be important to find a mentor to learn from – but that it is important to be yourself and not mimic that mentor. It was also pointed out that people coming into the captive insurance industry can sometimes suffer from imposter syndrome and that it was important to be strong. 

The importance of supporting the next generation was also highlighted, due to the ongoing drain of veteran captive employees and also the need to find the right team.  

Finally, the panel underlined that when a captive insurance professional makes a mistake it is important to own up to it – and to learn from it. 

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