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Captive Insurance Millennial—An Interview with Mike Ratelle

Talent Recruiting
June 02, 2016

Editor's Note: recently published a series of articles commenting on the need to attract the next generation into the captive insurance industry. We specifically asked companies involved with the captive market to let us know what they are doing to recruit new professionals. Mike Ratelle, a business development associate for BeniComp Insurance Company, responded. Below are Mike's comments, along with a brief description of where his captive insurance journey has led him so far.


Mike RatelleMike Ratelle, age 25, is part of the millennial generation, a cohort that is underrepresented in the captive insurance industry. He graduated from Drake University in 2013 with a double major in finance and accounting. BeniComp is the fourth job he has held since college; he initially pursued a more traditional finance career in banking and investments. Both of his parents work in the insurance industry, and it was his father who provided introductions to BeniComp.

BeniComp Insurance Company is located in Fort Wayne, Indiana. The company provides supplemental health insurance products and third-party administrative services to self-funded medical and benefit plans including a wellness product called "BeniComp Advantage." Mike was hired to extend this product into the captive industry. BeniComp Advantage is a supplemental group wellness product that identifies an individual's health risks early and aims to proactively improve health in America. This product incurs consistent and predictable claims by incentivizing employees to live a healthier lifestyle through outcome-based deductible credits. The product was not developed or designed specifically to meet third-party unrelated risk requirements; however, it may be a solution for captives and captive managers seeking unrelated risk.

We asked Mike to comment on the training and education BeniComp is providing and whether he views the captive industry as a viable career. Following are Mike's comments.

BeniComp has provided me with ample time to learn the ins and outs of its products as well as the insurance industry as a whole. The company has provided me the time necessary to get up to speed on captives and how our product may be a piece of the puzzle. The most beneficial "training" has come in the form of real-world experience: participating in high-level discussions and conversations with experts in the field. Much of my knowledge has come from my colleagues and other insurance professionals who have taken the time to address and answer questions that arise.

I believe the captive industry as a whole could be a viable long-term career opportunity. That said, for me it really depends on the job requirements and the bigger picture to determine if it will be a long-term career.

The insurance industry has not done a good job attracting young professionals. It is not "hip" or "cool," but it is also not going anywhere soon. The captive industry has definitely piqued my interest in the short amount of time I have been in it because it requires me to think critically and understand the whole spectrum of risk management. It is more than just selling a P&C policy or selling widgets.

I think high-level finance professionals would be interested in the captive space if they knew more about it. Typically these professionals want to be in a career that involves complex problems as well as an understanding of the "deal." I believe the captive space provides both of these in a consultative manner, which may appeal to other high finance professionals.

 (Pictured above, right, is Mike Ratelle. Courtesy photo.)
We thank Mike for his participation in our efforts to recognize those who are committed to establishing the next generation of captive insurance professionals. Contact us with your comments and opinions.

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