Group captive insurance provides best-in-class companies with a powerful opportunity to enhance their risk control programs through collaboration and education. By joining forces with other safety-conscious organizations, member-companies can foster a culture of continuous improvement, resulting in safer workplaces and long-term financial benefits.
At Captive Resources, the group captives we support succeed by leveraging collaboration among member-companies to better control risk. Members benefit from various networking opportunities, including workshops and board meetings, where they can share best practices, discuss safety trends, and learn from one another’s successes and challenges. This collective intelligence allows members to adapt and refine their risk control efforts, leading to better outcomes across the board. Rather than competing with one another, member-companies benefit from a collective approach, even when operating in the same industry.
"[Our company] believes in the captive model and our safety has flourished with [our captive’s] peer-to-peer sharing of knowledge, resources, and best practices. Being in a captive gives us strong motivation to professionally manage our safety at a high level to directly reap the rewards of our efforts. We demand and achieve total company involvement in all safety initiatives from the top down.”
President and CFO, Group Captive Member
As equal owners of an insurance company, group captive members have inherent incentives to uphold best-in-class safety standards. When employees see their employers investing in education and prioritizing their well-being, they are more likely to stay engaged and committed. This focus on safety enhances morale, deepens trust, and increases engagement, ultimately strengthening the entire organization.
Joining one of the group captives that we support offers member-companies access to a wealth of resources and benefits they can use to improve safety and reduce losses. As a trusted consultant to group captives, Captive Resources plays a key role in facilitating collaborative efforts and delivering valuable tools.
Here are some of the vital risk control resources that companies in the group captives we support have access to:
In-depth evaluations of the member-company’s risk control policies compared to industry best practices, identifying strengths and areas for improvement. Group captive member-companies can collectively use these insights to improve their current risk control programs.
Members are encouraged to participate in workshops, webinars, and networking events covering safety, claims management, compliance, and leadership development. Feedback gathered through member surveys helps tailor the content discussed at educational events to members’ needs. Additionally, online forums allow members to seek advice and share experiences with peers.
Access to high-quality vendors offering discounted products and services that aid in loss prevention and control.
Group captive member-companies have the opportunity to significantly improve their risk control programs through the shared resources group captive membership provides. In fact, an independent study found that members who consistently attended Risk Control Workshops were able to significantly improve their RCA scores.
Additionally, an independent study across 15 mature group captives that we support and 1.5 billion work hours revealed that member-companies had 48% fewer fatalities, 39% fewer lost-time claims, and 22% fewer total Workers' Compensation claims. These results are a direct reflection of the unique culture of safety and collaboration that group captives foster.
The financial advantages of collaborating in a group captive are equally compelling. Reduced workplace incidents lead to lower insurance costs and potential dividends from unused loss funds, rewarding members for their commitment to safety.
Collaboration and education are essential to maintaining a safe and efficient workplace. By leveraging the unique structure of a group captive, member-companies can share knowledge, access valuable resources, and build a proactive safety culture. These efforts not only protect employees but also create financial stability, ensuring long-term success for all involved.