Cheryl Baker
Manager, risk management services
Blue Cross Blue Shield of Michigan
Personal bio: I grew up in southeast Michigan, where I remain today – give or take 30 to 40 miles. In my spare time, I enjoy travelling, cooking and trying out new restaurants. I’m also passionate about practising yoga and spending time with my friends and family.
Professional profile: I graduated from the University of Michigan with a Bachelor of Arts in history, minoring in anthropology. From there, as a result of networking, I took a non-traditional path to captives. My first employer after college was a long-term customer at the establishment where I waited tables and tended bar throughout college. He overheard me speaking about graduating and offered me a position as an office manager at his management training company. After a couple of years, I was able to buy my first home, which led me to my next employer. My neighbour was looking for an employee within his risk management department. I was ultimately hired by Marsh to fill that position. There, I learned a lot about risk management and insurance, including captives. Over time, I engaged in significant formal education related to risk management and insurance, something that I continue to this day. After approximately 15 years, I moved to Blue Cross Blue Shield of Michigan; I have been with Blue Cross Blue Shield of Michigan for eight years.
How did you end up in the captive industry?
Although I was exposed to captives at Marsh, it wasn’t until I moved to Blue Cross Blue Shield of Michigan that I was able to dive into the captive space. My manager and mentor, Frederick Driscoll, added me to the team that was standingup Blue Cross Blue Shield of Michigan’s single-parent captive. This enabled me to see how a captive is built, managed and run from the ground-up. Since the formation of the captive, I have been a member of the team responsible for its use and management.
What has been your highlight in the captive industry so far?
I have to say that meeting so many knowledgeable and creative individuals have been the highlight of my captive career, thus far.
What/who have been your influences in the captive industry?
My influences include my current leader, Fred Driscoll as well as several broker partners I’ve worked with over the years. Those individuals include Sean Rider (Willis Towers Watson), Anne Marie Towle (Hylant), Bruce Whitmore (Willis Towers Watson) and other captive owners such as Courtney Claflin and Karen Hsi (University of California), two of the most fearless captive owners I’ve met to date.
What is your impression of the industry?
In my view, the captive industry is so creative and nimble. People within the industry are truly interested in looking at emerging as well as traditional risks, risk mitigation and innovative risk financing via captive utilisation.
What are your aspirations for your career in the captive industry?
I really enjoy taking advantage of what the captive industry has to offer, enabling our team to mitigate and finance the enterprise’s risks. I’d like to see continued innovation and look for additional strategic uses of our captive in order to help Blue Cross achieve its goals and mission.
What advice do you have for someone considering a role in the industry?
This is the industry for creative and new risk financing opportunities. I would advise anyone interested in the captive industry to reach out and meet as many people as possible (captive managers, owners, regulators, etc.). Look for mentors, advocates and inspirational colleagues in the captive space. You won’t necessarily take all of the same steps but continue to have conversations with people involved at every stage of captive development, use and management. Look not only at risk financing options, but other strategic uses for your captive to expand the benefits to your enterprise.
Frederick D Driscoll, Director of risk financing and captive operations, Blue Cross Blue Shield of Michigan “Cheryl Baker has been instrumental in working with me and the BCBSM management team to fully develop our captive subsidiary, Woodward Straits, into a highly successful entity that contributes both financially and strategically to the company’s mission and vision allowing the company to focus more on member care and satisfaction.”
