CICA Announces Topics for 2020–2021 Student Essay Contest
October 01, 2020
The Captive Insurance Companies Association (CICA) has announced the case study topics for its 2020–2021 "Using Captive Insurance to Better Manage Risk, Improve Your Bottom Line" student essay contest.
The contest, sponsored by Strategic Risk Solutions (SRS), invites two-person teams of college risk management and insurance students to describe how and why a captive insurance company could be used as a cost-effective means of alternative risk financing for emerging risks and loss exposures.
Winners of the CICA essay contest receive cash prizes and will have the opportunity to present their winning papers at CICA's 2021 International Conference.
Student teams can select one of three case study topics for the essay contest competition. The case studies focus on developing strategies to help fictional organizations in real-world situations develop captive insurance solutions. Students will demonstrate how to establish a captive insurance company for their specific case study, selecting policy options and determining underwriting, pricing, and more.
Case study options include the following.
- College Student Housing (CSH)—To address property damage of their student rental properties, CSH wants to establish a captive and determine the best policies to offer for required renter's insurance for college students living in their buildings.
- Classic Auto Sales and Collision Centers—To address unique customer needs by establishing a captive and selling customers car insurance customized to the specific needs of classic car owners.
- State Dental Association (SDA)—To provide cost-effective insurance options for its members whose businesses have been impacted by COVID-19, SDA wants to offer insurance through a captive to help members and improve the association's bottom line.
"In today's hard market, businesses are looking for every advantage, and this year's case studies reflect some of the creative opportunities to utilize captive insurance to manage risk and improve one's bottom line," CICA President Dan Towle said in a statement. "Creating connections and finding mentors is also very important when you are first entering a new industry. We are pleased to again have SRS mentors working with and advising the students on these case study options."
Brady Young, CEO of SRS, said in the statement that he is pleased to again sponsor the competition. "Part of engaging with future captive insurance professionals is helping them connect to the ways they can make a difference by helping businesses. Our real-world case studies cover a variety of industries and situations where establishing a captive insurance company can be beneficial."
Details about CICA's student essay contest, including entry requirements and award details for the top three essays, are available on the CICA website.
October 01, 2020