The Captive Insurance Companies Association (CICA) held its 2023 International Conference earlier this month, and the Captive Resources team was there in full force. Three members of the team participated in sessions during the three-day event, with several more in attendance to network with other industry professionals and glean insights on the latest trends in captive insurance. Also in attendance was our CEO Nick Hentges, who was named Chair of CICA’s Board of Directors at the end of the conference.
Below is a recap of the panels featuring members of the Captive Resources team.
Dave Netti, Captive Resources’ SVP Director of Risk Services, headed a panel focused on how group captives are able to achieve risk management excellence despite challenges like economic inflation, staffing shortages, and evolving technologies. Netti was joined by Nicole Delmater of Klassen Corporation (a member company of one of the group captives we support) and Terry Self of Gallagher Bassett (a TPA which provides claims administration services to some of the group captives we support).
The presenters dove into six tools group captives utilize to enhance members’ risk management performance. Thanks to the diversity of their roles, the trio was able to bring unique perspectives and expertise to the session. The tools the team discussed included:
Risk Control Workshops allow member companies to learn various risk control subjects from industry experts. Delmater cited one such example of attending a session by a former FBI cybersecurity expert and being able to take those learnings back to her company’s IT department to bolster their password policies and procedures.
Thanks to his role at Gallagher Bassett, Self provided unique insight into how captive owners can utilize managed care savings to control risk and minimize costs. The panel covered resources like bill reviews, nurse triage, and clinical guidance.
Risk control consultants are a critical tool that group captive members use to identify weaknesses and spot opportunities to improve their risk control policies and practices. As the SVP and Director of Risk Services, Netti offered a wealth of knowledge into how captive owners can best utilize risk control consultants.
In the group captives that we support, partnership and collaboration are essential in helping members manage risk. Self explained how the partnership between his team, Captive Resources, and captive owners drives success.
From the perspective of a group captive member-owner, Delmater gave her take on how active participation in claim reviews is an excellent way for companies to minimize costs and maximize efficiency during the claims process.
Risk control assessments (RCAs) are a fundamental resource for members of the group captives we support. Netti explained how members can utilize RCAs to improve the companies’ risk control performance.
As a part of CICA’s Amplify Women initiative, Molly Hentges — AVP Business Development at Captive Resources — participated in a panel detailing the benefits of developing a personal “Board of Directors.” The panel included professionals from varying stages in their careers, which allowed the session to offer unique perspectives on how a Board of Directors can help professionals of any age navigate and define success during different phases of their lives and careers.
The panel covered a range of topics to help the audience understand what it takes to build the right kind of board with the right kind of directors, including:
Panel: Kacie Dillon — Partner, Law Offices of Woolston & Tarter, P.C.; Charles Lavelle — Partner, Denton Bingham Greenebaum; Amy Lewis — SVP Finance & Tax Director, Captive Resources.
The Internal Revenue Service (IRS) is hiring almost 90,000 new employees under the Inflation Reduction Act to bolster its various units, which include 12 teams dedicated to auditing small captive cases. Given the capricious nature of the IRS’s approach to small captives, it’s important for all those associated with smaller captives to understand the current environment and evolving trends. Amy Lewis, SVP Finance at Captive Resources, joined this panel to offer her professional opinion and discuss how small captives can navigate the swirling currents of tax audits and litigation.
And that’s a wrap for CICA International 2023. Whether participating in panels, attending informational sessions, or networking with old acquaintances and new friends, the Captive Resources team had a great time at this year’s event. See everyone next year for CICA International 2024 in Scottsdale.