From: Captive International

Captive owners are increasing their use of analytics, and spending more time understanding their data, as they look for ways to mitigate and minimise factors that contribute to losses in the workplace, according to Gordon Padera, executive vice president at Gallagher Bassett.

Speaking on a Captive Insurance Companies Association (CICA) webinar titled “Culture is Key”, he said captives are spending more on technology that can help them prevent accidents.

Andrew Johnson, chief risk officer at Captive Resources, stressed the important role captives can play in installing a culture of safety in workplaces, by strengthening the link between reduced losses and reduced premiums.

Padera said: “When we work with a captive owner, 50 percent of our time is spent examining the culture of the organisation.” This includes examining the safety culture in the workplace and assessing the extent to which management is focused on maintaining high safety standards. It is important that there are adequate safety procedures in place, and that they are followed as defined.