Student Essay Contest
The annual CICA Student Essay Contest invites two-person teams of college risk management, insurance and business students to write about an aspect of captive insurance.
Contest DetailsThe Challenge
Students are asked to demonstrate how to establish a captive for their chosen case study, select policy options, determine underwriting, pricing and more. Read about the 2022-2023 contest results.
Sponsored by:
We hear from young professionals they want to be challenged in their careers and they want to make a difference. Captive insurance provides those types of opportunities.”
Dan Towle, CICA President
About the 2022-2023 CICA Student Essay Contest
Saint Mary’s University seniors Olivia Faulkner and Zane Smith received first-place honors in the 2022-2023 CICA College Student Essay Contest Captive Insurance Solutions for Today’s Risk Management Challenges. The winning team was announced during the opening session of the CICA 2023 International Conference at the Westin Rancho Mirage Resort & Spa.
Second place went to Carter Cappon and Chase Mendham of Olivet College, and third place to Ting-Wei Liu and Nachapol Charamornburapong of Temple University.
You can read the final essays, published in Captive Insurance Times, by clicking here.
About the Contest
The CICA 2022-2023 Student Essay Contest “Captive Insurance Solutions for Today’s Risk Management Challenges”, sponsored by Hylant Global Captive Solutions, invites students to select one of three case study topics for the competition. Students will demonstrate how to establish a captive for their specific case study, select policy options, determine underwriting, pricing and more.
Contest Timeline
October 12, 2022 | Webinar for interested students. View the recording here.
October 14, 2022 | Intent to participate deadline. Student teams submit Intent to Participate Form. Note: you can still submit a final essay even if you do not submit the Intent Form.
November 11, 2022 | Essay submission deadline. Student teams submit using the Final Essay Submission Form.
January 4, 2023 | Top three finalist teams notified.
March 5-7, 2023 | CICA International Conference. Finalists present essays and first, second and third place are announced.
April 2023 | Finalist essays are published by our media partner Captive Insurance Times post-Conference.
Contest Awards
Cash Prize
1st Prize: $2,500
2nd Prize: $1,500
3rd Prize: $1,000
CICA International Conference
Winning teams receive free registration and an opportunity to present.
Publication
Winning entries published by Captive Insurance Times and on the CICA website.
Official media partner:
Contest Rules
Teams: Insurance and risk management students work in teams of 2 students per essay
Essay Length: 10 pgs. maximum Word document (double-spaced, 12 pt. font in Times New Roman or Cambria)
Prior Publication: Essays may not have been previously published (online or in print) or be in consideration for publication elsewhere
Judging: Essays will be judged by a team of CICA Members. No more than one team per school can advance to top three
Case Studies
Case studies focus on developing strategies to help fictional organizations in real-world situations develop captive insurance solutions.
PikUp
Case Study # 1
PikUp operates with a team of 4,000 independent drivers using their own vehicles to deliver people, restaurant food and groceries. PikUp is considering a captive insurance solution to improve risk management for liabilities related to vehicle accidents, damage to merchandise or food, and potential driver injuries received while driving or delivering for PikUp. These drivers provide over 6,000 rides per day. The majority of PikUp’s revenue comes from the driving services provided by its independent contractors. PikUp also offers bicycle and scooter rental services that allow customers to reserve PikUp-owned bicycles or scooters and pay a per-mile rate to PikUp. This comes with liabilities for breakdowns, rider injuries and more.
Develop a captive insurance strategy for PikUp that includes the following:
- Recommend the optimal captive structure.
- Identify the lines of coverage to be placed in the captive.
- Recommend a domicile location.
- A well-run captive can provide additional focus on an established risk management plan. Identify additional risk management strategies or changes the organization might make as a result of implementing a captive that will further help the organization.
Sammy’s Deli
Case Study # 2
Sammy’s Deli is a top fast-food franchise with over 200 franchisees operating 1,200 stores across 50 states. Stores operate 24 hours daily. To help franchisees, Sammy’s gathered input on top issues and concerns. Leading concerns included addressing the rapidly increasing general liability rates, which have been rising steadily for several years; covering losses or impacts from supply chain disruptions including deliveries of food products and to-go containers; and operations issues resulting from staffing shortages. These top concerns led Sammy’s to propose that franchisees consider a captive insurance solution.
Develop a captive insurance strategy for Sammy’s Deli that includes the following:
- Recommend the optimal captive structure.
- Identify the lines of coverage to be placed in the captive.
- Recommend a domicile location.
- A well-run captive can provide additional focus on an established risk management plan. Identify additional risk management strategies or changes the organization might make as a result of implementing a captive that will further help the organization.
American College and University Athletics Association (ACUAA)
Case Study # 3
The American College and University Athletics Association (ACUAA) is a non-profit organization that regulates college athletics for 850 colleges and universities and 400,000 student athletes annually.
The ACUAA sets standards that must be followed by each college and university. These standards cover a code of ethics, recruiting practices, scholarships and more. Additionally, ACUAA athletes are now eligible to be paid for the use of their name, image, and likeness (NIL). NIL activities include social media influencing, promotional appearances, camps, lessons, autograph sessions, and more. Any student athlete’s NIL activities must be consistent with their school’s state laws. The ACUAA is looking to form a captive insurance company to assist in its risk management and risk financing strategy.
Develop a captive insurance strategy for the ACUAA that includes the following:
- Recommend the optimal captive structure.
- Identify the lines of coverage to be placed in the captive.
- Recommend a domicile location.
- A well-run captive can provide additional focus on an established risk management plan. Identify additional risk management strategies or changes the organization might make as a result of implementing a captive that will further help the organization.
Essay Contest Webinar
Students interested in learning more about the CICA College Student Essay contest, sponsored by Hylant Global Captive Solutions (GCS), are invited to watch this overview webinar. Viewers will learn about captive insurance, the contest and case studies from the Hylant GCS team members that will serve as mentors.
View the Slides