MINNEAPOLIS ─ SEPT. 15, 2022 ─ The Captive Insurance Companies Association (CICA) today announced case study topics for its 2022-2023 Captive Insurance Solutions for Today’s Risk Management Challenges essay contest for college insurance and risk management students sponsored by Hylant Global Captive Solutions (Hylant GCS).
Essay contest winners receive cash prizes and the opportunity to present their winning papers at the 2023 CICA International Conference March 5-7, 2023 at the Westin Mission Hills Golf Resort & Spa, Rancho Mirage, California, and publication of their essays in Captive Insurance Times.
…it is these real-world scenarios and the creative problem solving required in developing captive solutions that help students see the opportunities captive insurance careers provide”Dan Towle, CICA
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 demonstrate how to establish a captive for their specific case study, select policy options, determine underwriting, pricing and more.
“Today’s businesses are dealing with increased pricing and less capacity in the commercial insurance market, unprecedented supply chain disruptions, and increasing liabilities and reputational risks. These timely, real-world issues have all been brought into this year’s case studies,” said CICA President Dan Towle. “We find it is these real-world scenarios and the creative problem solving required in developing captive solutions that help students see the opportunities captive insurance careers provide,” he added.
- PikUp is looking to form a captive insurance company to manage the risks associated with their operations which involve 4,000 contracted independent drivers using their own vehicles to deliver people, food and groceries as well as risks associated with customers using PikUp-owned bicycles and scooters for transportation.
- Sammy’s Deli is trying to help its franchisees form a captive insurance company to manage risks and expenses to address rapidly increasing general liability rates, covering losses or impacts of supply chain disruptions, and impacts to operations resulting from staffing shortages.
- The American College and University Athletics Association (ACUAA), a non-profit organization regulating activities for 400,000 student athletes, is looking to form a captive insurance company to support risk management related to student athletes’ opportunities to be paid for their name, image and likeness.
Case studies were developed by the Hylant GCS team, which will provide the mentors for this year’s contest. Anne Marie Towle, global captive solutions leader, Hylant GCS, said “We are thrilled to sponsor such an important initiative for the captive Industry that aligns closely with Hylant’s values. We are excited to mentor the essay contest finalists and help them understand the creative solutions that captive insurance can provide”.
The CICA Essay Contest 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 their corresponding loss exposures.
Contest details, entry requirements, and award details for the top three essays are available on the CICA website.