Captive insurance has had a bit of a rough ride lately. Whether it’s the news about 831(b)s or the “extra-judicial” tax grabs by non-domicile states, it seems that we are in a continuous rearguard action regarding the efficacy of our industry.
That’s why, now more than ever, the captive industry needs to start telling OUR story. The true story of the many ways that the existence of captive insurance creates good in the world. Of course, we know that captive insurance provides a risk financing mechanism for organizations to save money; but lesser told is often what good is done with the money saved. These cost savings have a direct impact on saving lives in hospitals; helping prevent life-altering accidents for farmers, truckers and construction workers; allowing low-income housing authorities to provide safe living spaces for their clients; and helping college protect their students and provide more support for their educational mission.
There is a great article right now in Risk & Insurance exemplifying this connection to purpose. The article is focused on the lives saved at The University of Oklahoma Hospital System, where VCIA board member Heather McClure is interviewed about its captive insurance company, Academic Physicians Insurance Company. Heather is the Chief Operating Officer at APIC, and she gives terrific and moving examples of how the captive has played such an important role to the university and community. You can read the article by clicking here.
You will be hearing more about the industry’s connection to purpose from VCIA and other captive organizations in the near future. It’s imperative that our story get out there and be told. What’s your story?
Thank you all very much, and I look forward to hearing from you!