Students will address real-world commercial insurance market challenges with captive insurance solutions.
MINNEAPOLIS ─ SEPT. 27, 2023 ─ The Captive Insurance Companies Association (CICA) today announced case study topics for its 2023-2024 Captive Insurance Solutions for Today’s Risk Management Challenges essay contest sponsored by Hylant Global Captive Solutions (Hylant GCS).
Essay contest winners receive cash prizes and the opportunity to present their winning papers at the 2024 CICA International Conference March 10-12 at the Westin Kierland Resort & Spa, Scottsdale, Arizona. Essays will also be published in Captive Insurance Times.
The captive insurance industry needs curious minds and creative thinkers”Dan Towle, CICA President
Student teams will select one of three case study topics for the competition. Case studies focus on developing strategies to help fictional organizations in real-world situations develop captive insurance solutions. Students will analyze and design a captive insurance structure to address the case study’s prime insurance risks and explain the rationale behind their conclusions.
“The captive insurance industry needs curious minds and creative thinkers who will help develop innovative solutions for the complex problems captive insurers are addressing. We also need a broad array of skills from disciplines that might not see insurance as a first-choice career path. That’s why we are pleased CICA’s Essay Contest brings in students from insurance, risk management, actuarial science and business majors,” CICA President Dan Towle said.
Case Study Topics
- Vane University (VU) – VU is a large public university system with a combined 90,000 students and staff operating at multiple campus locations and in county extension offices throughout the state. VU is looking into the alternative risk market to help reduce the rising costs of commercial insurance for several areas of operations.
- LoveIt! Rentals – LoveIt! Rentals employs 350 staff at 100 locations throughout Georgia, Florida, North Carolina, South Carolina, and Alabama. LoveIt! Rentals is looking into the alternative risk market to address double-digit premium increases and lack of coverage availability issues.
- Beta Airlines – Beta Airlines employs 50,000 people and operates 600 aircraft with flights to 40 different countries. Beta Airlines is looking into the alternative risk market to help reduce the rising costs of commercial insurance. They are also considering potential new revenue streams to supplement revenue.
Case studies were developed by the Hylant GCS team, who will also be the student mentors. “Hylant is thrilled to sponsor the CICA Essay Contest. It is an important vehicle to broaden student perspectives before they graduate and put captive insurance on their radar as a career path. Once they understand the efficiency and cost-effectiveness of captive solutions, they see the potential for interesting and rewarding careers where they can solve complex problems and their solutions make a difference,” Anne Marie Towle, CEO Hylant Global Risk and Captive Solutions, said.
The CICA Essay Contest invites two-person student teams 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 their corresponding loss exposures.
Contest details, full case study descriptions, entry requirements and award details are available on the CICA website.