Operations and Management

  Breach Response Plan

Utilizing Captives for Cyber-Liability Risks: The Breach Response Plan

Scott Uhl of EWI Re, Inc., discusses a single-parent captive approach to creating an enterprise-wide cyber-liability breach response plan. An effective breach response plan can materially improve a company's cyber-risk profile for improved loss control and lower premium expense, Mr. Uhl says.
November 06, 2017 Read More
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Reimagining History Can Benefit Insurance Risk Analysis

Board members, policyholders, policymakers, risk managers, and others stand to gain from a Lloyd's/RMS report that encourages insurers to think about risk in a different way by highlighting counterfactual analysis and its potential to mitigate data bias, test model results, analyze tail risk, and identify potential high-impact events.
November 03, 2017 Read More
  Pick Right Tool-SF

Can the Black-Scholes Model Be Used for Captive Insurance Premiums?

Pinnacle Actuarial Resources' Derek Freihaut and Tim Mosler share their thoughts on the viability of applying a specific mathematical model, Black-Scholes, in estimating the maximum premium appropriate for a captive insurance company. Should the Black-Scholes pricing model be used to estimate captive insurance premiums?
October 30, 2017 Read More
  D DeKoning-SF

Butler University Provides a Tailored "Captive" Talent Crisis Solution

Butler University is hard at work providing a tailored, student-driven "captive" solution for the insurance industry's growing talent crisis. The unique strategy of Butler University's risk management and insurance program captive formation is that, unlike other universities with similar programs, it is completely driven and led by millennials.
October 11, 2017 Read More
  Workers Comp 480x377

Employee Benefits as a Share of Payroll at Lowest Level Since 1980

A report from the National Academy of Social Insurance titled "Workers' Compensation: Benefits, Coverage, and Costs" has revealed that workers compensation employer costs as a share of payroll declined in 2015, reversing a 4-year trend, and benefits as a share of payroll fell for the fourth straight year.
October 06, 2017 Read More
  Global Business Graph-SF

Actuaries Adapt to Climate Change Using New Tools

Actuaries are rising to the challenges posed by climate change. The Actuaries Climate Index (ACI) and the forthcoming Actuaries Climate Risk Index (ACRI) were created to help actuaries address the challenges climate change has created and respond to upward trends in weather-related losses.
September 13, 2017 Read More
  EWI-Steve McElhiney-SF

How To Optimize a Captive Insurance Company

Steve McElhiney of EWI Re, Inc., discusses a time-tested approach to optimizing a single-parent captive insurance company and overlays this approach with key success factors that may be integrated to achieve long-term economic value and superior risk control attributes.
September 06, 2017 Read More
  Businessman holding hands out with globe, technology and "map" of network

How Some Captive Insurers Are Using Technology To Mitigate Risk

Industry panelists in Vermont recently discussed how technology is currently being used to mitigate risk in different industries. With advances in technology, organizations and captive insurers are discovering new ways to control costs, improve resource efficiency, and compete more successfully.
August 24, 2017 Read More
  Jeremy_Colombik_video

What Makes a Captive Insurance Company Successful?

What makes a captive insurance company successful is understanding that it is a business, says Jeremy Colombik, president of Management Services International (MSI). In this Captive.com video, he outlines five key factors in making that business a success.
August 22, 2017 Read More
  Leadership Key-SF

The Emotional Intelligence Competencies of an Effective Leader

Understanding the difference between leading and managing is understanding the difference between winning and losing in cutthroat markets. Pure managers make the system work, but leaders make things happen. They make the people around them better. Effective leaders should pay attention to and work to master key emotional intelligence competencies.
August 16, 2017 Read More
  Global Technology-2-SF

Is Your Predictive Analytical Modeling Wrong?

"All models are wrong; some models are useful." Given how pervasive predictive analytical modeling has become in all corners of insurance, this quote serves as an important reminder that models are mere approximations of the real world. While beneficial, models should not be used as a substitute for critical thinking.
July 24, 2017 Read More
  I Love My Job-SF

7 Steps To Increase Employee Retention

Employee turnover is costly. In terms of annual salary, cost estimates for losing a position to turnover range from 30–150 percent (hourly employees) up to 250 percent (sales/senior leadership). Developing a strategy that follows seven key steps is critical to the long-term success of an overall employee retention plan.
July 19, 2017 Read More
  Missouri Flag-SF

Missouri Tort Reform Brings Fairness to Claims Settlement Process

Missouri has taken important steps toward improving its legal climate with the enactment of comprehensive insurance tort reform legislation, SS/SCS/HCS/HB 339 and 714, according to the Property Casualty Insurers Association of America. This bill will help curb the abuses associated with § 537.065 and the time-limited demand settlement process.
July 19, 2017 Read More
  Benchmark-SF

Benchmarking Is the Process of Improving Performance

Companies around the world use benchmarking to catapult their organizations to the top in their industry. Benchmarking is the process of improving performance by continuously identifying, understanding, and adapting outstanding practices and processes found inside and outside the organization. Almost any activity that can be measured can be benchmarked.
June 21, 2017 Read More
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Blockchain Technology: Transforming Insurance in Real Time

AIG, IBM, and Standard Chartered Bank have successfully piloted the first multinational, “smart contract”-based insurance policy using blockchain technology. The “smart contract” is a conversion of a multinational, controlled master policy and three local policies, providing a shared view of policy data and documentation in real time.
June 20, 2017 Read More
  Crystal Ball Businessman-SF

What Is the Future of Individual Claims Reserving?

With the increased need for more accurate reserving models, taking advantage of the information embedded in individual claims data with appropriate claims development models is a promising alternative compared with traditional aggregate triangles. The future of individual claims reserving is enlarged by the innovative opportunities offered by these alternative models.
June 14, 2017 Read More
  Successful Delegating-SF

Best Practices for Delegating Successfully

Managers who delegate effectively contribute in three important ways: (1) they assure employees that they are valued and trusted; (2) they free up their own time to do other things; and (3) they prepare future leaders for the organization. This article outlines some best practices to assure your effectiveness as a delegator.
June 07, 2017 Read More
  Plot a Course-SF

Insurance in 2030: Use Scenario Planning To Plot a Course

What does insurance look like in 2030, and what should captives be concerned with? In this guide, you'll learn how to begin to answer this question through scenario planning and some of the longer-term trends that should be considered.
May 24, 2017 Read More
  Board Member Learning-SF

7-Step Priority Management

Accomplishing desired business outcomes, feeling like you've maximized your workday, and creating work/life balance have little to do with "time" management and more to do with "priority" management. This article outlines seven steps to start building a priority management plan to help make you more successful in achieving desired outcomes.
May 17, 2017 Read More
  Leadership Key 480x377

4 Recommendations for Visionary Boards

Strong leadership and a healthy culture may be the ultimate defining qualities of a successful company today. A recent survey by WomenCorporateDirectors foundation and executive compensation consultancy Pearl Meyer provides insight on how boards of directors can advance their organization’s business strategy by cultivating the right leadership strategy, talent development, and corporate culture.
May 16, 2017 Read More