The captive insurance sector has a good story to tell graduates and young professionals when they are considering career choices, but the industry must be pro-active, according to members of CICA’s NextGen group.
The Captive Insurance Companies Association (CICA) launched its NextGen initiative in 2019 in an effort to support the career development of new professionals in the industry.
Speaking on the Global Captive Podcast at the Association’s International Conference in March, Bailey Roese, partner at Dentons Bingham Greenebaum LLP, said the sector should be confident in what it can offer to the next generation.
“We think of this question of how we attract and retain new talent as a really intimidating question, a really hard question,” Roese said on GCP #84.
“But I also think we have the answers as an industry if we are just intentional about it. This is a really creative industry. It’s an industry that, it’s people who want to get to “yes”.
“We want to be helpful to our clients, we want to be helpful to one another. And those are the kinds of attributes that are going to lead us to attract new talent, retain new talent. If we can welcome them in, I think that they will stay.”
Claire Richardson is a captive consultant at Hylant Global Captive Solutions, having attended Butler University where she played an active part in its risk management and insurance (RMI) programme, which included the running of the university’s Bermuda-domiciled captive.
“Continue investing in RMI programmes, or programmes outside of RMI, because we all know that the graduates from those very specific programs are fantastic, but there’s not enough of them to go ahead and fill those holes and gaps that the older generation leaves when they’re retiring in the next five, 10 years,” Richardson said.
“So for the current generation in the industry, continue investing, whether that means funds or time or mentorship opportunities or internship opportunities, really make yourself known. Show up for these students and they will do the same for you.”
Dylan Feringa, assistant vice president in the insurance & specialized industries group at PNC Institutional Asset Management, said he had found CICA’s NextGen group particularly beneficial since joining the industry.
“It helps this next generation coming into this industry really build their network and I think that is a challenging aspect that, as a newer person coming into the captive industry, we see these thousands of people at the conference and don’t know anyone,” he added.
“So having that NextGen group where you know five people out of the thousand. And guess what, those five people know other people and they’re able to make those introductions. So I think that’s one important aspect, of just being able to help build your network.”
Listen to the full discussion with Bailey Roese, Claire Richardson and Dylan Feringa on GCP #84 here, or on any podcast app. Just search for ‘Global Captive Podcast’ and hit subscribe.