From: Captive International
The US captive market is facing a talent crisis that needs to be addressed if it is to make the most of a wide range of potential opportunities.
Anjanette Fowler, managing director of the Insurance Solutions Group at PNC Institutional Asset Management told Captive International that there is a huge generational gap between more established professionals and younger professionals. This mid-career gap is creating a lot of pressure in terms of being able to support and service all the demand coming into the captive industry right now.
“Separately, there has been this resurfacing of scrutiny on 831(b) captives, and that ties in with the importance of educating folks about the merits of a captive,” Fowler explained. “Overall, I think the industry is doing a good job of utilising these risk-financing structures the way they are intended to be used.”
Looking at the gaps in the recruitment market, Fowler said that there’s no question professional development is key. PNC has an active analyst program within its Asset Management Group and their team is engaged with that process to try to find the best talent coming out of that program, which is how the company is approaching that next-gen aspect.
On the mid-career gap, Fowler thinks there should be more dedicated campaigns to recruit mid-career accounting, actuarial, tax, finance, healthcare, cybersecurity, and legal professionals who are either looking for a career change, or potentially being impacted by automation, AI, and tech advancements. A lot of those industries fit in nicely and would provide a solid foundation for understanding the captive insurance industry.
She added that CICA has done very well with the NEXTGen and Amplify Women initiatives — both of which are increasing industry awareness and participation.
