Group captives must consult members say experts
The most successful group captives and risk retention groups have heavy engagement with their members, say industry experts.
The most prosperous group captive boards have always been involved their members, said Richard Seligman, general counsel for Caring Communities Shared Services.
This year Educational and Institutional Insurance Administrators has asked every one of its member institutions to allocate someone for an advisory panel, said Siri Gadbois, the RRG’s president and CEO.
“We have begun presenting to the advisory council with many business lines. This has proven to be very helpful in engaging the advisory board in a way that is helpful to them and not taxing to their day-to-day work,” Gadbois explained.
“We talk to them about the cost of engaging with an outside professional to get a survey, for example. We ask them if what we are coming up with is what will really engage with our members. Our advisory board are very responsive with feedback to this.”
One example of how members provide helpful input on tackling complex exposures regards sexual misconduct. Many faculty staff said to Gadbois that if they were prevented from engaging with students, as was suggested as a preventative measure, they would not be married right now. So the advisory panel have been challenged to provide more sophisticated ways of dealing with the issue.