If your company is frustrated by the lack of control and the uncertainty that comes with traditional insurance programs, then a group captive may be the solution for you. Driven by a steadfast commitment to workplace safety, a group captive is an attractive option for best-in-class companies looking to have more control over their insurance costs.
Joining a group captive, however, is not a passive undertaking. To achieve success in a group captive, companies must be committed to continuous safety and risk management improvement. Writing for Captive Review’s Group Captives 2020 Report, Captive Resources’ Dave Netti explains how joining — and actively participating in — a group captive can help companies decrease their overall cost of risk.
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In the article, Netti highlights five risk management resources offered or facilitated by Captive Resources to the group captives it works with, that help member companies drive involvement and develop a culture of workplace safety.
Captive Resources conducts two-day workshops for group captive members that deliver a wealth of safety and risk control information while promoting attendee participation. In his article, Netti highlights the material reductions that companies that participate in these workshops see in their workers’ compensation losses.
Independent professional consultants provide an important second set of eyes and a unique, independent perspective for member companies. In the article, Netti explains why an independent risk control consultant is a critical component in reducing the cost of risk of group captive members.
By requiring members to undergo a comprehensive risk control assessment (RCA), group captives help companies identify areas of risk, prioritize opportunities, and develop a mitigation plan. In his article, Netti highlights the results of a comprehensive correlation study that shows how improving RCA scores led to material reductions in workers’ compensation claim costs.
Workshop participation and assessments are a great start, but successful group captives understand that safe workplaces require a daily commitment by member companies. By joining a group captive that Captive Resources works with, companies are able to access a wealth of customized tools and resources, as well as various learning management systems.
The ability to connect with trusted contacts can’t be underestimated, especially in times of uncertainty. The final resource that Netti covers is the power of the network of fellow member-owners accessible to members of a group captive supported by Captive Resources.