My second VCIA roadshow and it was remarkable in so many ways. On LinkedIn, attendee Isaac Muller said, “It was a fantastic experience as we met industry experts from the insurance and captive worlds. We listened to them, we learned from them and got to talk to many of them.”
Thanks for hosting, EY!
Immersive sessions had Andrew Baillie sharing his experiences at AES, delivered with his trademark gentle Scottish humor. Presenting with Andrew was Dianne Salter, and she added insight into captive usage in regional medical centers with multiple campuses and thousands of professionals. The regulatory environment was well-covered, and there was a fascinating peek into the future of captives with another panel led by Mikhail Raybshteyn.
Added to this was the view from EY’s new building – peering down 48 floors to the new Moynihan Train Hall and across to the Empire State Building. Not bad, for New York!
That’s it for 2022 roadshows, but our first for 2023 will be in Mexico City. We’re going global! And please, feel free to invite us to your city and learn what captives can do for you, your clients and risk management professionals.
A huge thanks to our sponsors – the State of Vermont, Marsh, AM Best and EY!
Board meetings – A rough count has me at over 100 of these, sometimes as a Board member and sometimes as someone reporting to a Board. The VCIA’s Board just held its last meeting of 2022, and it is a good time to reflect on similarities and differences.
Similarities – A horseshoe table, a conference phone and water set. And that’s about it!
Differences – Board members calling in from Hawaii at 5:30 in the morning. A view out on to the late fall landscape of Stowe, Vermont. Great catering. But all of those are just superficial. Here are the fundamental differences with how the VCIA Board operated at a marathon 7-hour Board meeting:
Staff are present for everything except Executive Session. With 60+ years of accumulated staff experience their absence would have meant a less informed Board. And please don’t get the impression that staff sat meekly to one side. For a start this isn’t that sort of staff, and secondly the Chair actively sought comprehensive input from all staff members.
Every Board member participated, voiced opinions and created spirited discussion. Clearly, 2022 is shaping up to be very successful for the VCIA operationally and financially. But rather than seek to duplicate and develop, the Board questioned the fundamentals of VCIA operations and how we serve our members in a dynamic and growing market.
Absence of pride. Lots of proposals and ideas were discussed. The originators of those ideas actively participated as their original thoughts were discussed, refined, discarded (occasionally) or adopted.
Participation. Every Board meeting since I have joined has had 100% attendance. This is despite the travel commitment involved or getting up early to join virtually.
The Leadership within the Board meeting. As the Chair position changes to Tracy Hassett from Andrew Baillie there is a continuing clear and effective leadership style from the Chair. Opinions are sought, time is taken to explore options, conversations around critical issues are allowed to develop, but any ‘drift’ is gently addressed. Both the past and current leaders (and I am sure that this applies to past Chairs as well) used their skills to extract productivity and consensus from a diverse group of leaders within the captive industry.
For staff members, it is empowering and enjoyable to be so close to the owners’ representatives through exposure to the Board. For Board members, I would certainly hope that they believe that their Board membership, and they ways that they conduct themselves as a Board provides personal and professional value to them in addition to the altruistic goal of building a stronger VCIA. We all can’t wait to get to work on the Big Pictures Ideas for our association. It starts now!
Ever heard the Indian parable about the blind men and the elephant? Each man was asked to describe the elephant based only on the part they could touch. The one who touched the leg said it was like a tree, the one who had the tail said it was like a rope, etc. According to the wise Wikipedia, it’s “about a range of truths and mistakes. It is also about the need for communication and the need for respect for different perspectives.”
In the eight months I have been with the VCIA I have started to become familiar with ‘our part of the elephant’ as it applies to Vermont-based captives, but this week I had the opportunity to expand my knowledge by attending the SIIA (Self Insurance Institute of America) annual conference in Phoenix, AZ. There, I got to see a whole different part of the elephant! It was standing room only for a session called ‘Captives to the Rescue.’ The participants in this session (80% of whom were from what we can call the ‘medical field’ – including benefit plans, insurers, hospitals, etc.) heard what captives can do for them and for the changing risk profiles. While very few of those present were involved in Vermont captives, it was clear that, just like in Vermont, this is a growing industry as all sectors evolve to serve the changing needs of industries, services, and public organizations.
From whatever angle one approaches the elephant that is captive insurance, it is an expanding and exciting place to be. And while, just like the parable, no one person could ever have a full and complete picture of the industry, the range of options, services and expertise out there to assist entities in managing their risk utilizing captives is probably the best it has ever been. Add to the conversation by commenting, or emailing me email@example.com. I look forward to connecting.
It’s been 57 days since the last day of #VCIA2022. Summer has come to a close here in Vermont, and we are in full-on foliage mode. That doesn’t keep me from counting how many days until our next annual conference! 304 to be exact. In the meantime, we have a treasure trove of high-quality photos and I want to share some with you. Looking for more, or want to see if you’re in any? Contact Francis at firstname.lastname@example.org and he’ll be happy to help you out. Now without further ado, I give you VCIA’s 37th Annual Conference, in pictures – Part II!
In Session: Focusing on Captive Educationat #VCIA2022
Rekindling Friendships and Making New Connections: Business Networking at #VCIA2022
Hotel Vermont Reception!
And a HUGE thank you from us staff (and Monty the VCIA Bear!) for your attendance made #VCIA2022 one for the record books! See you in 2023!