The Captive Insurance Companies Association (CICA) has selected the case study topics for the 2020 to 2021 essay contest for college insurance and risk management students.
The case studies include college student housing, classic auto sales and collision centres and State Dental Association. Student teams will select one of three case study topics for the competition.
Case studies focus on developing strategies to help fictional organisations in real-world situations to develop captive solutions.
The essay contest, sponsored by Strategic Risk Solutions (SRS), will see students demonstrate how to establish a captive for their specific case study, select policy options, determine underwriting, pricing and more.
The college student housing subject will address property damage of their student rental properties college student housing wants to establish a captive and determine the best policies to offer for required renter’s insurance for college students living in their buildings.
Meanwhile, the classic auto sales and collision centres topic will address the unique customer needs by establishing a captive and selling its customers’ car insurance customised to the specific needs of classic car owners.
Finally, the State Dental Association option will provide cost-effective insurance options for its members whose businesses have been impacted by COVID-19, State Dental Association wants to offer insurance through a captive to help members and improve the association’s bottom line.
Essay contest winners will receive cash prizes, the opportunity to present their winning papers at the CICA 2021 International Conference 14 to 16 March in Scottsdale, Arizona, and publication of their essays in Captive Insurance Times.
CICA invites two-person teams of college risk management and insurance students to describe how and why a captive insurance company could be used as a cost-effective means of alternative risk financing for emerging risks and their corresponding loss exposures.
Commenting on the study essay contest, Dan Towle, president of CICA, said: “In today’s hard market, businesses are looking for every advantage, and this year’s case studies reflect some of the creative opportunities to utilise captive insurance to manage risk and improve one’s bottom line.”
Towle explained: “Creating connections and finding mentors is also very important when you are first entering a new industry. We are pleased to again have SRS mentors working with and advising the students on these case study options.”
Brady Young, CEO of SRS, added: “Part of engaging with future captive insurance professionals is helping them connect to the ways they can make a difference by helping businesses. Our real-world case studies CICA cover a variety of industries and situations where establishing a captive insurance company can be beneficial.”
Senior Moore and junior Kojababian proposed a group captive insurance solution to provide liability coverage for cannabis association members.
The CICA Student Essay Contest finalists featured in Captive Insurance Times.