Earlier this year, the first-known student-run captive insurance company was formed by students at Butler University, and that’s not the end of the relationship between the captive insurance field and students. Last month, the Captive Insurance Companies Association (CICA) announced the creation of a mentorship program that will help young professionals to learn more about the captive insurance industry and build their skills to prepare for a career in the field. The program is not only limited to college students: both young and midcareer professionals have the opportunity to become mentees. Mentors will be veterans of the captive insurance industry who have either retired or are on track to retire in the near future.
On their web site, CICA emphasizes that the program will be equally beneficial and enriching for mentors and mentees, stating, “Mentees, generally young and mid-career professionals, can broaden their career opportunities by receiving counsel, advice, and support from seasoned industry veterans from a wide range of skill sets and positions. Mentors can facilitate their own professional growth by strengthening their coaching and leadership skills while giving back to the industry.”
At 2017’s Bermuda Captive Conference, the head of business development at Aon Insurance Managers Bermuda, George Leite, stated that the captive insurance industry has been heavily impacted by retirement, and will need to fill 400,000 jobs by the year 2020.
Dan Towle, CICA president, said, “With a surprising number of our insurance professionals expected to retire in the coming years, we have to accelerate our efforts to promote the dynamic nature of captive insurance and the career opportunities it provides. CICA is committed to taking a strong leadership role in helping to develop the next generation of captive leaders and the Mentorship Program is one component of these efforts.”
The efforts that Towle speaks of also include the association’s newest Professional Development Track. Announced in July, the new Professional Development Track will be included at the 2018 CICA International Conference, with the theme “The Challenge of Change”. The new track is said to provide training on the skills that captive insurance and risk management professionals require in order to engage with human resources, risk management, finances, and executives to develop strategies to best utilize captive insurance companies.
CICA is currently in the process of recruiting mentors and mentees for the program, which they have stated will be capped at 30 mentors and 15 mentees. Once the mentors and mentees have been selected, the second phase of the program will begin.
Caitlin Morgan Captive Services provides clients with captive insurance solutions supported by years of experience in establishing the successful formation and implementation of a wide range of captives. To learn more about how we can help you, please contact us at (317) 575-4440.
Sources: CICA, Captive, Captive Insurance Times, CICA World