SRS has managed captives and other insurance vehicles for more than 25 years, and in that time, we’ve defined and operationalized the services a high-performing insurance company manager should provide to every client, no matter the size. Every decision we make is based on client needs and how best to serve them.
The best insurance talent in the world.
What makes a good captive manager? What does good service look like in the captive management industry? These aren’t easy questions to answer because “captive management” is not a well-defined service. Contracts tend to be long-term or evergreen, with little movement between managers. This means that an owner’s only frame of reference may be their experience with how the incumbent manager operates.
What should owners expect?
Your insurance company manager should have a demonstrated ability to attract and retain the best talent in the world.
People are the single most important factor in professional services relationships. Everyone knows it. This means it’s critical to examine the proposed client service team you’ll be getting, especially the individuals you will interact with the most, when you choose an insurance company management firm.
First and foremost, are they expert insurance accountants?
Because that’s what you need. If they aren’t, that could be one of the reasons your financials are inaccurate or delivered late. As we wrote in the first article of this series, one of the primary roles of a captive manager is accounting and the core competency should be insurance accounting.
Experienced professionals know how to get the job done correctly and on time, and you should expect nothing less. As you’re evaluating the potential client service team, remember the name or size of the firm doesn’t guarantee quality. Be sure to ask about the tenure of the senior team and request staff turnover figures.
Are they domicile experts?
The right team should be experts in your chosen domicile. They should know the regulators and have knowledge of all relevant regulations in the domicile. This is a cornerstone of a properly managed captive – having people with the right knowledge managing your account and continually monitoring the domicile regulatory environment.
Do they have a local presence? This matters.
It’s one thing to say you’re a global company, but if there’s no local presence in the domicile that is focused on insurance company management (not brokerage services, for example), a global presence doesn’t mean much. Local representation and a relationship with regulators can help avoid many issues that a remote office might not even see coming.
You should feel confident and comfortable.
You have a unique risk, with specific needs and goals. Your manager should tailor its services for you and be able to provide customized solutions that address the risk challenges and optimize the benefits of your captive. Here’s the intangible part – when you imagine working with the company and the team (potentially for years), do you trust what you’ve been promised, and do you truly feel comfortable with them as your partners.
Great talent is hard to find. But we do all time.
Our decades-long reputation of being a great employer continually reaps benefits for us in the face of tough people talent competition. As our growth and success have shown, we can definitely find great people! More importantly, the industry’s best and brightest seek us out. Our people are our single biggest differentiator and the reason for our success.
“We differentiate ourselves through our people. SRS is structured to allow experts to flourish and perform at their best, in turn creating the highest levels of client satisfaction.
-- Brady Young, SRS CEO