VCIA
Kevin Mead, president of the VCIA, discusses the association’s 39th conference highlights, and the innovative ways it has adapted to address current industry challenges in an exclusive interview with Diana Bui
How has the VCIA adapted its conference format or content to address the current challenges and changing landscape of the captive insurance industry?
Every year, we start fresh with the content and plan our annual conference just one month after the previous one ends. We launched our preparations for this year’s conference in September 2023. This effort spans nearly 11 months to organise a mere 3-day symposium. Our task force, which includes about 30 members, works closely with professionals from across the industry to identify the most pressing and relevant issues.
All task force members propose potential themes and vote on them, a democratic approach that ensures our conference aligns with the current industry discourse. Additionally, we maintain flexibility in our schedule to accommodate emerging topics or to adjust existing sessions in response to evolving industry dynamics.
This year, we are focusing on several key issues that have gained prominence in the industry. Technology’s application in our field, specific challenges in underwriting such as parametric risk, and the evolving landscape of settlements in the nuclear power industry, particularly how these affect captive insurance, are all on the agenda.
How do the changes in the conference schedule aim to enhance the attendee experience this year?
We have consistently received recognition for our high standards in educational content at the conference, but after closely listening to our members and attendees, we realised they were seeking more networking opportunities. In response, we adjusted our schedule to initiate the full conference activities starting Monday, 12 August. Previously, the first day primarily featured a golf tournament, and perhaps one session.
Now, we are kicking things off at lunchtime on Monday. Additionally, the Vermont Captive Insurance Emerging Leaders (VCIEL) are organising a Sunday night reception to welcome early arrivals. Our Monday reception will be a joint celebration with the International Centre for Captive Insurance Education (ICCIE) as they mark their 20th anniversary.
We have also introduced more social and networking events throughout the conference to ensure attendees derive the maximum value from their experience. It is shaping up to be a particularly engaging conference.
What are you most excited about for this year’s conference, and can you highlight some of the key events?
Sandy Bigglestone, the Deputy Commissioner for Captive Insurance at the Vermont Department of Financial Regulation, is one of our internal keynote speakers for this year’s conference. Colleagues often refer to Sandy as the regulator whom other regulators consult for advice. She consistently draws high attendance to her sessions, especially the panel she moderates. Attendees are eager to learn from her and her panellists about the ever-changing landscape of industry regulation. This session is scheduled for Tuesday, 13 August, and is a highlight of our conference.
On Wednesday, 14 August, we conclude with a keynote from Jim Carroll, a renowned futurist who will explore potential future trends across technology, demographics, and economics. His insights will help us understand the global trajectory and the implications for the captive insurance sector. I am particularly excited about this session, as it promises to shape our strategic outlook.
In addition to these keynotes, our conference offers a variety of formats, including roundtable discussions that encourage open dialogue and idea sharing among participants. These sessions not only provide valuable networking opportunities but also spark innovative ideas that often lay the groundwork for the next year’s presentations.
Moreover, we ensure that our formal presentations qualify for continuing education credits, aligning with our commitment to professional development. I always look forward to these interactions, as they are a fantastic way to highlight and cultivate talent within the industry.
Are there any specific educational tracks or workshops that cater to different levels of experience or interests within the captive insurance industry?
Historically, we have noticed that 25 to 30 per cent of attendees at our events are first-timers, though not necessarily newcomers to the captive insurance sector. As we gear up for Monday’s lineup, we are particularly excited about our captive immersive programme. It is designed for those who are exploring the idea of entering the captive insurance industry. This programme is a comprehensive walkthrough, starting from the initial concept of creating a captive, covering all the necessary stages including actuarial studies for feasibility, preparing application documents with a captive manager, establishing the captive, and even managing the funds and claims processes.
For those new to this field, we have tailored several sessions to meet their needs. Our educational tracks, including Captives 101, Captive Feasibility and Setup, along with the extensive Captive Immersion workshop, are all supported by detailed case studies. Importantly, most of these sessions offer professional credits, which is a major draw for many of our attendees. Each session is also graded by difficulty — beginner, intermediate, or advanced — allowing attendees to tailor their experience based on their expertise level and engage in what we like to call ‘choose your own adventure’ learning.
In total, this year’s conference will feature 30 sessions, 19 of which are educational. Beyond the learning opportunities, networking plays a huge role.
The conference atmosphere is collegial and friendly, a true celebration of the industry. Despite the competitive nature of the industry — with various domiciles and service providers vying for attention — the conference remains a hub of collaboration and connection.
This not only adds an invaluable layer to the educational experience but also enriches the business discussions that naturally occur in such an engaging environment.
How many exhibitors are expected to participate in the conference, and what types of companies or organisations will they represent?
Our exhibit hall is fully booked, featuring 75 booths filled with diverse offerings. This year, we also have AM Best TV stationed on the second floor, where they will conduct interviews with industry leaders.
Adjacent to this, the VCIA exhibit stand will serve as a dynamic space to connect with both members and non-members. Here, we seek feedback to understand the value our community seeks from our association, which aligns with our strategic planning efforts.
Additionally, we are leveraging this platform to enhance our recruitment strategies. We aim to attract a broader and more diverse group of individuals to join various committees that are pivotal in steering the VCIA’s direction, from membership to legislative affairs and finance.
The spectrum of exhibitors ranges from major service providers in the captive industry, both locally in Vermont and globally, to specialists in health and safety, particularly those focusing on workers’ compensation.
Our exhibitors also include professionals like actuaries, lawyers, and accountants who, while not directly managing captives, play a crucial role in the ecosystem.
Following last year’s impressive turnout of over 1,000 attendees, we anticipate an equal, if not greater, number of participants at this year’s conference. It is an exciting time for us as we continue to expand our reach and impact within the industry.
Looking forward, what are your visions or plans for the VCIA conference in the next few years, and how do you see the role of the VCIA evolving within the broader captive insurance community?As we stand on the cusp of our strategic planning exercise, our primary focus is to shape our organisation’s future trajectory. We have been experiencing significant growth within a rapidly expanding industry segment, as evidenced by the escalating demand for captive investigations. This demand not only challenges us to scale our staffing adequately, but it also boosts the popularity of our conference, making it the largest of its kind in the US — twice the size of our closest competitor.
Looking forward, the big question for the VCIA’s board is: “What’s next?” Given our leadership position in the captive industry, it is essential we leverage this to set future directions. However, I must clarify that while strategic decisions are forthcoming, they are not yet defined. We are organising focus groups within our upcoming conference, collaborating with a consultant to help steer our strategic vision. In terms of inclusion and collaboration, we extend an invitation to all domiciles.
This year, representatives from locales like Barbados and Oklahoma, among others, will be exhibiting at our conference. This diversity not only enriches our conference, but also enhances our reputation as what we consider the industry’s ‘Gold Standard’, influencing regulatory models across the board.
To explain our collaborative approach, I often use the pie analogy — by working together, we aim to ‘grow the pie’, increasing the total market size, before competing for a larger slice of it. This philosophy underpins our belief that even if conference attendees find solutions outside of Vermont, it is a victory if they contribute to the overall growth of the industry.
This collective growth fosters a robust reputation and, in the long run, benefits everyone involved. If you ask me again in about six months, I expect we will have a clearer vision of our path forward, crafted through collaborative efforts and strategic insights drawn from our community and leadership discussions.
For someone attending the VCIA conference for the first time, what advice would you give them to make the most out of their experience, and what is the one key takeaway you hope every attendee leaves with?
I recommend attending our newcomers’ orientation on Tuesday morning as a first point of guidance. This session is crucial as it provides essential insider information and connects you with our ambassadors, who are specially tasked with facilitating your integration. It is a cornerstone of advice I strongly advocate for. Furthermore, our entire VCIA team is extremely approachable.
It is our primary responsibility to ensure you receive the necessary answers, introductions, and information. I encourage you not to see us as distant or unapproachable. Feel free to approach us during the event, ask questions, or even follow up with an email after the conference. We want to be like state regulators, who are approachable during and after the conference.
We hope that attendees leave with a profound understanding of how to maximise their captives’ potential and access needed support. We aim to provide a comprehensive resource network, fostering connections with peers who share similar challenges and can offer valuable insights.
Moreover, we hope our attendees develop an appreciation for Vermont and feel encouraged to return, as we take immense pride in our home and enjoy sharing its merits with others.
Lastly, our collaboration with the Vermont Department of Economic Development is instrumental. They play a significant role in promoting our conference as an excellent opportunity for learning from peers and experts, particularly for those at the exploratory stage of establishing a captive in Vermont.
