From: Captive Review
Reprinted with permission.
Captive Review speaks to three promising 20-somethings at different stages of their careers who’ve been through internships and decided to pursue working in the captive insurance industry. We hear how they got involved in the captive sector, their experiences as young people starting in this industry for the first time, and their thoughts on how the captive market can attract and retain talented young people in the future to avoid a much-feared brain drain from the industry
A notable highlight from March’s CICA conference was the annual essay contest, where three pairs of finalists presented to an assembled audience of captive professionals their captive solutions for one of three case studies.
All produced extremely accomplished and well-thought-out solutions that proved to the many experienced heads out there that there is talent waiting in the wings for when they eventually decide to retire. The challenge is finding it and convincing those talented individuals to become a part of and remain in the captive insurance industry.
CICA’s essay contest is one proven way of doing this, and its NextGen scheme has also been a positive initiative for bringing on the next generation into leadership positions, thereby keeping that talent in the industry. At a time of increased captive formations and utilisation of captives, in conjunction with an ageing workforce, it is arguably more important than ever that firms are searching for and retaining this new talent now.
“We’re experiencing significant shifts in knowledge and skills as senior leaders leave the industry and take their knowledge with them,” CICA president Dan Towle told Captive Review. “We’re also seeing increased demand for new skills and new strategies to deal with today’s host of emerging risks.”
He explained that now is a time for companies to pay attention to their talent pipeline to make sure they are bringing in and developing the talent needed to support any captive insurance programmes.