BRITTANY NEVINS

Prior to working in her current role as captive insurance economic development director, Brittany Nevins worked for various government sectors in policy and economic development. Prior to this role she managed Travis County’s economic incentive programme in Austin, Texas, where she worked with businesses who were seeking to develop in the Austin area.

She received a BA in political science from the University of Vermont with a double minor in community & international development and global studies. She then received an MA in sustainable development with a concentration in policy advocacy & analysis from SIT Graduate Institute.

She is not a regulator, but Nevins works closely with the Captive Insurance Division in the Vermont Department of Financial Regulation. Her main role is to market the state of Vermont to prospective companies around the world who may be interested in forming a captive insurance company and to highlight the benefits of domiciling in Vermont. She closely monitors the market, considers the economic impact of the programme, and engages in industry workforce development to ensure that Vermont remains a global leader in the industry.

Nevins was described as being instrumental in promoting the business of captive insurance for Vermont. We were told that her initiatives during the COVID-19 pandemic had a global reach and that her initiatives involving emerging leaders for the captive insurance industry is very important to address the talent gaps.

Here Nevins describes how her job makes her feel challenged, what makes captives so unique and how the industry is changing and growing as it becomes more prominent.

Do you feel that the captive insurance industry is a rewarding sector to work in?

Definitely. It’s one of the few sectors where you get to work with all industry types and be involved in real-time innovation to solve a complex challenge a company or organisation faces. And beyond that, captive insurance can take companies to places they never thought possible, benefiting the company in a multitude of ways, and even literally saving lives as companies implement better risk management practices.

I can’t think of another industry in our small state of Vermont with this kind of exposure to companies and organisations all around the world, the ability to travel all over, with the benefit of stepping outside your home and going for a peaceful walk in the woods.

It helps that the captives industry is a tight-knit community. I find the positivity in this industry, the camaraderie, and the desire to learn and improve to be very special.

Would you recommend the captive insurance industry to young people as a future career path?

Despite the confusing name and that dreaded word “insurance,” the captive insurance industry is a great career path and I find that as soon as young professionals learn about the industry they get on board quickly. Despite many people aging out of the workforce, the industry has stayed relevant and modern over the decades it has existed.

On a fundamental level it is an industry built on innovation and that is central to the culture today. No two companies are alike, and every day will bring new learning and opportunity. It doesn’t hurt that is also happens to be an industry that is remote work-friendly, involves the perk of travel, pays well with good benefits and a healthy work/life balance, offers great opportunity for growth, and requires little education and experience to get your foot in the door. Honestly, I can’t think of many downsides, if any.

How do you feel that the captive insurance industry will evolve?

I heard someone say recently that captive insurance is no longer the “alternative market.” It’s no longer this rogue risk management financing tool that no-one has heard of. It is becoming increasingly popular for a variety of reasons and in Vermont we continue to see high growth.

Our world isn’t getting simpler: we face increasing risks related to cyber, climate change, healthcare crises, etc. The industry has adapted to the challenge of the global pandemic, and it will adapt and innovate with whatever comes its way. Will there be a time when the current hard market “ends?”. Sure, but I don’t see the curiosity about captive insurance losing its momentum.

Do you think that your long-term future remains in the captive insurance industry?

As a millennial I joke with colleagues when I’ve spoken on panels about recruitment and engagement of young people in the industry that this is the longest job I have ever kept, by far, and I’m just now nearing my three-year mark. For younger generations we want to feel challenged, appreciated, value-aligned, and be able to live healthy and balanced lives where we can achieve our goals beyond just our jobs.

I’ve certainly found this balance in my role with the state and in this great industry and as long as I continue to feel this way, I will stay for years to come!