The captives insurance industry is growing at an exponential rate around the world. Faced with staggering traditional insurance expenses, more companies are seeking captives as a cost-effective risk management solution. With this tremendous industry growth, however, has come the concept of attracting and retaining the next generation of captive insurance professionals. This concept has been a hot topic at industry conferences over the past several years, and the Captive Insurance Companies Association (CICA) 2019 annual conference was no exception. Held in March 2019 in Tucson, Arizona, several of the educational sessions at the CICA event focused on recruiting new insurance professionals to the captives field. Recently, CICA launched a task force to enhance recruitment efforts across the industry.
Announced in June 2019, CICA has launched a task force to bring new voices to the captives planning table. The task force is known as “NEXTGen – young & new professionals”, and was inspired by the growing needs of the captive insurance industry. CICA President Dan Towle believes that by reaching out to college-age students and young professionals as they enter the insurance industry, the industry as a whole can gain substantial benefits in recruitment and retention. The task force encourages young and new professionals to share their thoughts on program development and initiatives to become the captives industry’s next leaders.
The task force builds on topics discussed at the 2019 CICA conference. Among the many ideas presented to conference attendees at the three-day event were:
CICA’s task force is comprised of captives owners, industry service providers, and regulatory stakeholders, and has begun meetings to facilitate its mission. The task force is expected to deliver its preliminary recommendations in the fall of 2019.
Why is there so much focus on the next generation of captives insurance professionals? There are several factors at play, but the predominant one is that the industry is aging. While there are no specific demographic breakdowns for the captives sector, much is known about the insurance industry at large. Statistically, nearly 30% of workers in the industry are millennials with an average age of 59. In other words, about a third of insurance professionals are nearing their retirement years.
By reaching out to college students and young professionals, CICA hopes to usher in a new generation of talent to the captives industry. Already, the task force and its goals are being met with enthusiasm by established professionals and new hires alike; it is hoped that these initiatives add vitality to a fast-growing industry sector.
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.