MINNEAPOLIS, Sept. 29, 2020 ─ The Captive Insurance Companies Association (CICA) today announced case study topics for its 2020-2021 “Using Captive Insurance to Better Manage Risk, Improve Your Bottom Line” essay contest for college insurance and risk management students sponsored by Strategic Risk Solutions.
Essay contest winners receive cash prizes, the opportunity to present their winning papers at the CICA 2021 International Conference March 14-16 in Scottsdale, Arizona, and publication of their essays in Captive Insurance Times.
Part of engaging with future captive insurance professionals is helping them connect to the ways they can make a difference by helping businesses.”Brady Young, Strategic Risk Solutions
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 to develop captive solutions. Students will demonstrate how to establish a captive for their specific case study, select policy options, determine underwriting, pricing and more. Case study options:
- 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 the unique customer needs by establishing a captive and selling its 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. “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,” Towle added.
Brady Young, chief executive officer, Strategic Risk Solutions, CICA Essay Contest sponsor, said 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 CICA cover a variety of industries and situations where establishing a captive insurance company can be beneficial.”
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 web page.