KAREN HSI

Karen Hsi has more than 14 years of experience in the higher education risk management industry. She started at the University of California (UC) Office of the President as an intern when she was a student at UC Berkeley and upon graduation was hired as a risk analyst. A few years into that role, Hsi was promoted into a senior analyst role within liability programmes in the office of risk services at UC, where she specialised in building risk management and insurance programmes for the students, faculty, staff, retirees, alumni, and foundation groups.

During her tenure at the university, the captive was formed and Hsi took the job of the programme manager of UC captive programmes in 2016, strategically planning and managing the university’s captive programmes as well as formulating and the lead architect of new strategies to utilise the captive in more efficient risk financing arrangements.

Hsi was recently named the executive director of UC Captive Programs, leading UC’s captive platform, consisting of four different insurance companies that provide coverage for the UC system, which consists of 10 university campuses, five academic health systems, and three national laboratories, incorporating over 400,000 students, 280,000 faculty and staff, $36 billion of annual revenues and more than two million alumni living and working around the world.

Hsi is said to be widely recognised as one of the captive insurance industry’s next generation of leaders. With her activity on the Captive Insurance Companies Association’s NexGen committee, she is said to be very active in recruiting, networking, and mentoring new entrants to the captives industry. Additionally, she represents the NexGen committee with numerous speaking engagements, and mentorships to new captive insurance participants.

Here Hsi describes why she feels so strongly about the captive market, why she regards it as innovative and what growth opportunities lie ahead for the sector as a whole.

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

Yes, I feel that strongly. I have learned so much from mentors and peers across the industry and continue to do so. There is a wealth of knowledge in the industry, and folks are so eager and willing to pass on their wisdom. If you have an aptitude to learn and excel, you will find many growth opportunities in this industry.

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

Yes, there is an immense amount of career development opportunities in this industry. I work with various partners across the industry with a variety of subject matter expertise, so there are limitless opportunities to find an area you are passionate about and develop a very successful career in captives. It truly is an industry where you can “make your career what you want it to be”, and I believe that is a huge benefit for young professionals who are looking to be innovative and proactive about their future careers.

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

As many in the industry can attest, the captive insurance industry is the most innovative part of the overall insurance industry. I think it will continue to evolve and grow as more organisations start incorporating captives into their risk financing strategies and actively using their captive as a regulated risk management tool.

As we continue to experience the volatility of the traditional insurance market, the relevance of captives will be emphasised even more as organisations will look to more efficient ways to finance their risks and bring value to their parent organisations.

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

I will stay in the captive insurance industry for the long-term. I have always had a huge desire for continuing education and professional development throughout my career. There are plenty of growth opportunities in the captives industry, with courses/designations, positions to grow into, and exploration of new areas of expertise to develop and mature within the industry.

I feel that I’ve only begun to uncover the tip of the iceberg and would be excited to see what else there is to discover. The willingness of folks in the industry to coach and mentor younger professionals, proactively building a true succession plan, has been uplifting and very enticing to the next generation of working professionals.