Captives need to be creative to help clients solve their problems, according to Bob Davidson, managing director of captive consulting and underwriting at ICG Captive Services.
Speaking in the ‘Brightest Opportunities in the Captive Industry Version 2’ session at this year’s Western Region Captive Insurance Conference (WRCIC), Davidson said being creative was vital to success in the captive industry.
He explained: “In order to be a winner in the captive marketplace we’re going to have to think more creative, we’re going to have to be more competitive with ourselves.”
“We have to be creative, as we go out and sit down with clients we have to help them solve their problems.”
“It is not about me selling you a captive, it is about me helping you understand how a captive can help solve your problems, how it can benefit your bottom line, how it can make a difference in your operations.”
“In order to be a winner in the captive marketplace we’re going to have to think more creative, be more competitive with ourselves, and solve problems. There is no better time than today to be in the captive industry.”
Davidson added: “What we have to do as professionals, as the vanguards of this industry is differentiate. We want to change the playing field to our advantage.”
The panel also featured vice president of Pro Group Captive Management Services, Renea Louie, and Nicola Neilon, shareholder and CPA at Casey Neilson.
Louie said educating yourself and your clients was important in helping a captive to thrive.
She stated: “In order to succeed in today’s ballgame, we must get smart, educate ourselves and our clients. You have to know your playing field.”
“Companies are getting so much chatter from so many places, a lot of conflicting information, but we need to make sure we are giving them correct and accurate information.”
“We are resilient, we are thought leaders. Business is moving forward, business owners need us.”
She added: “We can empower our client to take ownership of their destiny.”