One of the hardest parts about starting a captive as the company’s risk advisor is explaining it. The C-Suite is the key to starting the process of a captive and if they are not properly educated on it, then it may get pushed to the end of the list. It is always important to remember that insurance and risk mitigation is not everyone’s day job, so when talking about insurance we have to talk about it at a more elementary level so everyone can understand and no one feels uncomfortable. In this panel, we will go through some tips and tricks that service providers and captive owners have used to educate their companies or clients about the captive process. One issue risk managers tend to face is the “Why”, and so we will run through an overview of the life cycle of a captive and what questions might come up through each stage. Another crucial point that will be touched on is how to have these conversations when there may be turnover in upper-level management.

Following this presentation, audience members will be able to answer the “Why is starting a captive beneficial for our organization?” and educate their C-Suite on the basics of captive insurance.