Showcasing careers in captive insurance

“What all these organisations have in common is their desire to promote the captives industry and encourage graduates to join it.”

The captive insurance industry is booming—more captives are being formed, coverage is being expanded and innovation abounds. But the industry is soon to face a skills shortage, and that must be addressed.

In the coming years, retirements are planned across the board, meaning that a whole generation of experienced professionals will soon depart from the captive insurance industry. Unfortunately, the pipeline of new and talented young graduates is not where it needs to be to fill that looming gap.

In part, this is due to the fact that, traditionally, insurance is not viewed as the most attractive of job prospects and the sector has perhaps struggled to showcase the industry and the work it does in the best light.

Gary Osborne of Risk Partners sums up the image neatly: “The image of insurance to the average person on the street is car, home, or workers’ compensation insurance, coverages that evoke thoughts of doing exactly the same thing in selling, processing and administering over and over again."

Grace Grant of professional fraternity Gamma Iota Sigma adds: “The insurance industry struggles to tell its story in a compelling way, even though its story is indeed extremely compelling.”

We’re proud to have worked with Gamma Iota Sigma on this project to shine a spotlight on the captives sector. Founded in 1966, Gamma Iota Sigma’s mission is to promote and sustain student interest in insurance, risk management, and actuarial science as professions. It has 95 chapters across the US with more than 6,000 members, promising unrivalled access to a generation of prospective employees.

Our aim with this special Captive International publication is to highlight the captive insurance industry as a career path that offers challenges, opportunities to collaborate and a chance to innovate. As Dan Towle of the Captive Insurance Companies Association says: “A job in captive insurance ticks all the boxes for a fascinating and gratifying career.”

Within these pages, you’ll find articles from organisations across the board, from state regulators and university professors to risk managers exploring the wonders of the captive insurance world and the opportunities within. What all these organisations have in common is their desire to promote the captives industry and encourage graduates to join it.

You’ll find an interview with recent graduate Chelsea Carter of Artex Risk Solutions, alongside plenty of advice on discovering the captives industry and the opportunities on offer, and how to take those first steps into a rewarding career.

Finally, our thanks to everyone who has participated in this publication, highlighting the complexity and challenges of the captives industry and the many career paths that can lead into it.

Our hope is that students across the country will use this publication to develop their knowledge of the captive insurance world and consider an exciting career in the industry.