Seniors Angel Song and Alana Vicale proposed addressing the U.S. opioid epidemic by creating a group captive to provide medical malpractice insurance for doctors dealing with claims related to patient opioid addiction.
TUCSON, ARIZ. ─ Temple University Seniors Angel Song and Alana Vicale received first place honors in the Captive Insurance Companies Association (CICA) college student essay contest “Next Generation Captive Insurance Solutions for New Risk Challenges.” The winner was announced today during the opening session of the CICA 2019 International Conference at the JW Marriott Tucson Starr Pass Resort & Spa.
For the CICA Essay Contest, two-person teams were asked 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.
Song and Vicale proposed creating a Risk Retention Group (RRG), a type of captive insurance company. The RRG would help doctors manage their risk exposure and encourage more careful monitoring of opioid prescriptions, and closer monitoring of possible misuse, thereby helping to lower the addiction rate.
“The judges were impressed that the Temple team considered not only the need to provide insurance coverage for this growing risk, but they also tailored their approach to help create a focus on reducing possible misuse,” CICA President Dan Towle said.
Second place honors went to Kayla Cecchine and Brendan Tarte, St. Joseph’s University, for their essay “Captive Insurance: An Intimate and Efficient Risk Financing Solution to Climate Change and Tax Rulings Risks.” Third place went to Christian Ferrara and Charles Fisher, Appalachian State University, for “Alternative Risk Solutions: Captive Insurance for Cyber and Supply Chain Risk.”
All three teams won cash prizes, an opportunity to speak at the CICA Conference and their essays will be published by captive industry magazine Captive Review.
Towle said the association was very pleased with the contest results. “It was very competitive. We received entries from students studying risk management, insurance, actuarial science and finance. We’re excited to have the teams presenting at the CICA Conference,” Towle explained. “CICA is committed to attracting new professionals to the captive industry, which is top-heavy with leadership that is approaching retirement. That is why CICA is creating new opportunities, like the essay contest, for students and young professionals to learn about captive insurance,” Towle added.
Song and Vicale said they believe that captives will influence the future of the insurance industry and they want to be on the forefront of it. As young professionals in the industry they enjoy the cutting-edge mindset that captive solutions require. “We feel an advantage beginning our careers in insurance while having some knowledge in captive solutions and are eager to learn more as it evolves in the future,” they said.
Brady Young, chief executive officer, Strategic Risk Solutions, said “Generating this kind of awareness and enthusiasm for captive careers is exactly what we were hoping for. The CICA Essay Contest is a great complement for SRS’s Collegiate Captive Scholars Program, and we believe this will help the captive industry raise its profile, attract new talent to replace retiring staff, and support the future growth of the industry.”
The essay contest aligns with this year’s CICA Conference theme “Captives Shaping the Future” which reflects the growing opportunities for captives. With over 500 attendees, CICA’s domicile neutral status draws the perfect blend of captive owners, captive managers, risk managers, domicile regulators and service providers from around the world. Key decision makers from the captive owners attend, along with many people who are just beginning the process to form a captive.
About the Captive Insurance Companies Association (CICA) www.cicaworld.com
CICA is the only global domicile-neutral captive insurance association. CICA is committed to providing the best source of unbiased information, knowledge and leadership for captive insurance decision makers. CICA is your advocate around the world, key to the captive industry and the resource for captive best practices.
About Strategic Risk Solutions (SRS) www.strategicrisks.com
SRS is the 5th largest captive management firm in the world and the leading independently owned manager. The company has a consulting unit and strong representation in all major US captive domiciles, Barbados, Bermuda, Cayman and Europe. It provides consulting, financial reporting, regulatory compliance and program management services to captive insurance companies as well as subsidiaries of commercial insurance and reinsurance companies.
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