Captive Insurance
Captive Insurance is a special type of self-insurance where a company or group creates their own insurance company to cover their risks instead of buying traditional insurance. Think of it like a company setting up their own private insurance fund rather than using a regular insurance company. This approach can help businesses save money, have more control over their coverage, and potentially earn investment income from the premiums they would normally pay to outside insurers. It's particularly common among large corporations, healthcare organizations, and groups of similar businesses who want to manage their insurance costs more effectively.
Examples in Resumes
Managed risk assessment and coverage strategies for Captive Insurance programs serving 50+ corporate clients
Led implementation of new Captive Insurance solutions resulting in 30% cost reduction
Developed underwriting guidelines for Captive Insurance and Group Captive programs
Typical job title: "Captive Insurance Professionals"
Also try searching for:
Where to Find Captive Insurance Professionals
Professional Associations
Job Boards
Professional Networks
Example Interview Questions
Senior Level Questions
Q: How would you evaluate whether a company is suitable for a captive insurance program?
Expected Answer: Should discuss analyzing company size, risk profile, financial stability, loss history, and commitment to risk management. Should mention regulatory requirements and feasibility studies.
Q: What strategies would you use to optimize a captive insurance program's efficiency?
Expected Answer: Should explain cost-benefit analysis, reinsurance strategies, investment management, and ways to improve risk management programs while maintaining regulatory compliance.
Mid Level Questions
Q: What are the key differences between various types of captive insurance structures?
Expected Answer: Should explain pure captives, group captives, and cell captives in simple terms, including benefits and challenges of each structure.
Q: How do you ensure a captive insurance program maintains compliance with regulations?
Expected Answer: Should discuss working with regulators, maintaining proper documentation, following capital requirements, and ensuring proper governance structures.
Junior Level Questions
Q: What are the basic benefits of captive insurance compared to traditional insurance?
Expected Answer: Should mention cost savings, customized coverage, direct access to reinsurance markets, and potential tax benefits.
Q: What are the main responsibilities in managing a captive insurance program?
Expected Answer: Should discuss basic program administration, claims handling, policy management, and coordination with service providers.
Experience Level Indicators
Junior (0-3 years)
- Basic understanding of insurance principles
- Program administration and reporting
- Policy documentation
- Claims processing support
Mid (3-7 years)
- Captive program management
- Risk assessment and analysis
- Regulatory compliance
- Financial reporting and analysis
Senior (7+ years)
- Strategic program development
- Complex risk management
- Regulatory relationships
- Team leadership and stakeholder management
Red Flags to Watch For
- No understanding of basic insurance principles
- Lack of knowledge about regulatory requirements
- No experience with risk assessment
- Poor understanding of financial statements and reporting
- Limited knowledge of different captive structures
Related Terms
Need more hiring wisdom? Check these out...
Navigating Compliance: Structuring On-the-Job Training in Regulated Industries
Unlocking Internal Talent: Why Internal Mobility Is Your Secret Weapon in Talent Acquisition
Recruiting in the Gig Economy: Strategies for Attracting Contingent Workers
