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The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance

The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance

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CCIA President Steve DiCenso Speaks "Hacker" with

Cap-a-Thon Image - SF Feature
September 19, 2018 recently spoke with Steve DiCenso, president of the Connecticut Captive Insurance Association (CCIA), about its upcoming dual-venue 2018 Annual Collaborative, which is set to take place on October 16–17 in Hartford. The theme of the Collaborative is "Innovation and Managing Cyber Risk through Captives."

On October 16, attendees will meet at the Hartford Club to hear opening speaker David Griggs, CEO of MetroHartford Alliance, provide insight into the Hartford insurance innovation ecosystem. The other panelists, who have all been involved with Hartford InsurTech startups, will also share experiences and discuss how the captive insurance market can be served by startups like their businesses. 

On October 17, attendees will hear Scott Hudson, CEO of Gallagher Bassett, speak about innovation and technology, followed by panels and presentations on cyber-risk exposure, cyber-risk quantification, and cyber-data benchmarking. Attendees will be given access to Advisen's Cyber Overvue tool. After this preparation and some instructions from CCIA, participants will commence with a truly unique exercise—a "Cap-a-thon" (a.k.a. captive hackathon).

Please explain to readers exactly what a Cap-a-thon is all about.

A Cap-a-thon is CCIA's 2018 collaborative approach to risk innovation! It is a team-based sprint event in which business leaders, advisors, and other subject matter experts come together to learn and intensively collaborate on a project or innovation.

The structure is a "hack" on a hackathon, which is a concept born out of the tech world and will provide a condensed amount of time for collaborative, team-based work. The hackathon accelerates the development process by rapidly advancing the concepts through a series of development stages.

As noted above, the centerpiece of this year's event is cyber risk. The day will focus on risk management solutions and innovations delivered by captive insurance entities—as platforms for risk management and risk aggregation to impact the management of current and emerging cyber risks faced by risk managers and captive owners.  

Who do you expect will attend this year's event?

We anticipate a significant number of captive insurance owners, risk managers, and representatives from companies considering the formation of captive entities and emerging startup companies offering innovative solutions to complex and emerging cyber-risk issues.

This is organized as a "team-based" event with industry-focused teams concentrating on developing cyber-risk solutions. Do attendees need to form a team in order to attend, or can they come solo?

You can attend alone or as a group—it is up to you. The final teams will (likely) be formed around the following industries.

  • Aerospace and Defense
  • Manufacturing and Retail
  • Healthcare and Life Sciences
  • Public Entity and Education
  • Financial Services and Insurance
  • Construction and Energy

Each industry-focused team will have the following identified roles.

  • Risk managers or employers
  • Industry subject matter expert ("SME") (please note they do not need to be a cyber expert)
  • Cyber expert
  • Cap-a-thon facilitator (to be provided by CCIA)
  • Process scribe
  • And idea generators, who can include
    • Insurers/reinsurers, 
    • Brokers,
    • and industry (insurance and captive) risk professionals and service providers (e.g., consultants, captive managers, attorneys, actuaries, CPAs).

Why should readers consider attending this event?

Along with the marquee Cap-a-thon event, there will also be several informative panels on cyber risk and the captive industry. In addition, this year's event will offer attendees ample, exciting networking opportunities.

The Cap-a-thon is designed to invigorate the standard captive conference format. By encouraging intense collaboration and teamwork, not only do we hope attendees will uncover possible solutions that open the door to further work and collaboration, but it is our hope that attendees leave the event with new and fruitful business relationships.

Please give readers a window into how the Cap-a-thon will proceed.

During the day on October 17, participants will have the opportunity to listen to a series of panels and presentations focused on key risk assessment areas relating to cyber risk and cyber security.

  • Cyber-risk Exposure Panel
  • Cyber-risk Quantification Panel
  • Cyber Data: Benchmarks

Following these informative sessions, attendees will be provided with instructions on the Cap-a-thon methodology. Attendees will break into six industry-focused groups. Teams will then share ideas and identify the top cyber challenges and risks faced in their industry today. Once ideas and challenges are identified, teams will collaborate on possible solutions that successfully address or manage a specific cyber-risk issue, market need, and potentially a disruptive approach. At the end of the Cap-a-thon teamwork, each team will present a 10-minute "pitch" to the assembled, larger group.

The Cap-a-thon event will be condensed into 2.5 hours, including lunch. 

The collaborative process will be documented for each team for future reference.

A well-earned happy hour will conclude the day.

Should attendees bring anything with them, and can they prepare ahead of the event?

Along with plenty of business cards, we encourage attendees to also bring their laptop.

Risk managers and employers are asked to be prepared to discuss the challenges that they are currently facing in cyber-risk management. Examples of these could include coverage, capacity, claims control, reputational risk, business interruption expense, costs, or others.

Idea generators (e.g., industry risk professionals and service providers) should be prepared by bringing a concept or an idea to the group. Forethought should be given so that the idea can be clearly presented ("pitched") to group participants, briefly clarified, and discussed. Four to six ideas per team should be considered.

We will also be providing a worksheet to help attendees with the idea generation process. While it is not mandatory that you show up with a workable idea on October 17, we encourage everyone to try as more participation will make for a more enriching experience for all.

Steve DiCenso PicSteve DiCenso is a principal with the Boston office of Milliman. He joined the firm in 2008. Mr. DiCenso has enjoyed a multifaceted property-casualty actuarial career with most of his experience serving the alternative markets. With Milliman, he has focused on serving captives, large self-insured corporations, midsized insurers and public entity risk pools, and state regulators. This includes reserving, pricing, surplus management, cost allocation, financial examination work, due diligence, financial simulation modeling, and risk financing. He also consulted for 7 years with a major accounting firm, primarily performing loss reserving for larger insurance and reinsurance companies.

His insurance company experience includes chief actuary positions at an alternative markets insurer and a third-party administrator owned by a major insurer as well as senior management experience with a property and casualty programs insurer and a fidelity and surety bond insurer. Mr. DiCenso has had responsibility for overseeing pricing, reserving, and planning functions, while also providing analysis on reinsurance procurement and regulatory support.

Steve DiCenso is pictured above. (Photo is courtesy of Milliman.)

Copyright © 2018 International Risk Management Institute, Inc.

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