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.
Next month, the Vermont DFR’s Sandy Bigglestone will be a presenter at the European Captive Forum in Luxembourg. (Obligatory plug: she’ll also speak at our October 26th New York City Roadshow, which you can register for here!) Brittany Nevins of the Vermont DED and myself will also be there as we seek to show the capacity and capability of Vermont to a well-established group of risk professionals.
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 firstname.lastname@example.org. I look forward to connecting.