VCIA
President of the VCIA, Kevin Mead talks to Frances Jones about this year’s VCIA conference and what the city of Burlington has to offer its attendees
How has The Vermont Captive Insurance Association (VCIA) adapted its conference format or content to address the current challenges and changing landscape of the captive insurance industry?
We have constituted a conference task force of around 35 industry leaders. This selection of professionals has their finger on the pulse in terms of what’s happening in the industry.
We reinvent the content every year. In addition to the industry-standard sessions and panels there’s a renewed emphasis on discussion groups.
These are discussions centred around a relevant topic with no specific agenda to widen the conversation. There are at least a couple of subject matter experts in each room.
A big part of the pre-conference work is deciding what sessions will take place.
There are so many great sessions proposed that sometimes we have to go back to ideas and create post-conference webinars as there is just too much good content put forward to us. It’s a good position to be in.
Are there any new additions or features in this year’s event that attendees should look forward to? Will there be any special sessions that attendees should make sure not to miss?
We’re always very deliberative about choosing our keynote speakers. They tend not to be from the industry explicitly but they are people that have the ability to elevate and add to the overall content.
This year, we’ve got Jeff Kreisler, who’s head of behavioural science at J.P. Morgan
Our second keynote speaker is Juliette Kayyem, a national security analyst for CNN.
We expect her talk to be really valuable given the emphasis on cyber within the captive industry. Specifically, it will be interesting to see what she has to say about those challenges.
This year we have a new deputy commissioner, Sandy Bigglestone, in the sphere of captives within the department of financial regulation.
She will be hosting a session where attendees can ask questions on relevant topics and she will leverage her extensive expertise to answer questions.
Are there any specific educational tracks or workshops that cater to different levels of experience or interests within the captive insurance industry?
This is one of the aspects that our conference task force deals with. They allocate sessions, ensuring there is a mixture of beginner, intermediate and advanced panels so there is something for everyone.
If you’re attending, you will get that balance. Whatever stage you’re at in your career you’ll be able to cater the sessions based on where you’d like to educate yourself.
For example, if you’ve come from a background in claims design, you can attend the introductory level sessions, or if you’re more advanced in the industry you can go to higher level sessions.
How many exhibitors are expected to participate in the conference, and what types of companies or organisations will they represent?
At the moment, 70, and we’ve got a waiting list because we’ve sold out. We have every type of captive company and organisation that you would expect to see.
There will be law firms, actuaries, major captive managers and even some of the minor captive managers.
There is a vast variety of industry participants who will discuss everything from regulation to tax.
There are so many people that we’ve got hotels in the area providing additional facilities for meetings.
Exhibitors will showcase at the exhibition hall, of course, but there is also a big space at the back of the hall which is always used as a hub.
People will have the ability to meet with regulators on-site and converse about regulatory changes and industry needs. In addition to seeing what new captives are doing and comparing how they are organising themselves.
We have a new partner, the Vermont Captive Insurance Emerging Leaders Group (VCIEL). The group was formed in March 2023 as an affiliate of the VCIA. The VCIEL aims to address the captive workforce challenge by recruiting, training and networking for the long-term success of the captive industry.
Can you share any information about the special awards ceremony and the recipients of the Captive Crusader, Honorary Member and Industry Service awards?
The actual recipients are a closely-guarded secret. But effectively, the Distinguished Service Award is for someone that has provided great support to the VCIA during the course of their career.
The Honorary Member is usually given to someone as they’re approaching the end of their career, giving them the ability to attend the conference on a complimentary basis.
Then there’s the Captive Crusader which we offer to one of our own — it’s for someone that’s really advocated on behalf of the industry.
Are there any pre-conference activities or events planned for early arrivals or any post-conference opportunities for continued learning and networking?
The conference will kick off with an immersive introduction to captives on Monday 7 August. It’s a comprehensive introductory workshop which will be followed by a networking reception. It’s a great way to start the conference especially for those who are new to the industry.
The session will walk through the process of how companies can solve insurance problems. A collective of professionals, including actuaries, will discuss the captive feasibility study process.
Captive managers will advise on management after the captive feasibility study and attendees will gain a holistic understanding of the lifecycle of a captive.
Vermont is the most famous industry for two things — captive insurance and Ben and Jerrys, and we make sure our attendees get to enjoy some ice cream!
We host a golf tournament which is always fun. We also have a captive owners tour of Burlington-based Lake Champlain Chocolates, one of the premier chocolate sellers in the country.
On the facility tour, claim managers will be comparing risk management techniques.
Could you recommend some other local attractions, activities or places to eat that attendees can explore during their stay in Burlington?
I would say the trick is to go to the local and independent places. You can get a Starbucks anywhere. We have great coffee shops — instead of putting sugar in your coffee, try maple syrup, that’s what people do here.
Hire a bike, there’s an old rail track you can ride on. If you get an extra day, go to the mountains to hike and sightsee, it’s only a 30-minute drive away.
For food choices, I’m going to reveal my favourites in an upcoming blog post. Keep your eyes peeled for that.
There’s this really great bar where all drinks are US$5. I will be there on the last night of the conference. Anyone who finds me, I’ll buy them a beer.
