CIC Services
Emerging talent Noah Miller talks to Frances Jones about his experience working at CIC Services and his future aspirations working in the captive industry
How did you end up in the captive industry? How has your previous experience prepared you for your current role?
I grew up in the life insurance industry. My father owned a life insurance agency for 25 years. From a very young age, I was involved in insurance in some way, shape or form. This ultimately led me to my career at CIC Services.
Before I joined CIC Services, I was a Medicare and life insurance agent for a little over a year and a half.
I’ve always been very interested in insurance in general. After working as a Medicare and life insurance agent, I reached out to CIC Services through some of my family’s connections. I saw that they had excellent corporate governance. I loved the way they went about their business and how they assist business owners in forming their captives.
From your experience, what would you say are the key benefits of captives?
I think there are several potential benefits. I think the main benefit is a strong risk management programme for business owners. Comprehensively, it creates a much stronger risk programme for those businesses with captives, compared to those without.
A captive ensures that businesses are adequately protected. Many businesses in the US and beyond are either uninsured or underinsured.
We saw evidence of this during COVID-19, in particular. There are a lot of different claims that come up within a business’s operations. Unfortunately, we see a lot of instances where they’re not adequately protected.
It’s my job to make sure that these firms are protected and are subsequently able to build reserves if they have a favourable claims experience. The reserves can be built up over time to pay future claims.
If they don’t have future claims, a captive can be a very powerful financial vehicle.
Can you name your main influences in the industry?
I think the ‘who’ is one of the principals at our firm, Randy Sadler. He’s been involved with our firm for more than 15 years now; he’s very experienced in the captive industry.
Randy has done an amazing job mentoring me. During my first two years in the captive’s industry, Randy gave me great insight into his knowledge and experience.
The ‘what’ must be the ACI programme. I recently completed my ACI designation. It was invaluable and I learned a great deal from the experience.
What are your aspirations for your future career?
I want to continue to strive for excellence at CIC Services.
As I’ve become more integrated into the firm and the captive space, I want to ensure that I can do everything I can to really help these mid-market firms protect their businesses by forming their own insurance companies.
What advice do you have for someone considering a role in the captive industry?
I think anyone considering entering the captive space should go through the ACI programme. It gave me a solid baseline knowledge for understanding what captives are, their benefits and their regulations.
There’s a variety of different classes that are very educational, and it’s really a rigorous programme too. It helps you grow and be challenged. I highly encourage anybody considering a career in the captive industry to participate in the ACI programme.
Personal biography:
I’ve lived in Urbandale, Iowa for most of my life. I married my wife, Abigal, in the summer of 2020. Together we enjoy sporting events and training our new puppy, Millie. In my spare time, I enjoy playing golf and watching football. I received a Bachelor of Science Degree in Business Management and Marketing graduating Magna Cum Laude from Taylor University in 2020. Before joining CIC Services, I earned my Accident and Life Insurance Licence in the State of Iowa and sold Medicare and life insurance.
Recently, I completed my Associate in Captive Insurance (ACI) from the International Center for Captive Insurance. Additionally, I’ve co-authored a new book with Randy Sadler, a principal at CIC Services, ‘Fortune Favours the Insured: The Definitive Guide to Captive Insurance for Middle Market Companies.’
Professional recommendation:
“Noah Miller’s contributions to our team have been invaluable, as he leverages his business and insurance education to guide our clients. The successful completion of the rigorous ACI programme showcases his dedication and will undoubtedly elevate his ability to assist mid-market companies to realise their enterprise risk management objectives through captive insurance. A promising trajectory lies ahead for him.”
Bryan Ridgway
Principal and chief operating officer
CIC Services
