Bridging the gap: strategies for recruiting and retaining talent in the captive insurance industry

Keeping hold of talent is more important than ever in the captive insurance market, as Captive International finds out.

One of the primary obstacles in recruiting talent for the captive insurance industry is its relative obscurity. Will Thomas-Ferrand, international practice leader at Marsh Captive Solutions, highlights the need for greater visibility to students.

“We need to be more visible at university careers fairs, but also at school leaver level—particularly in some domiciles which struggle the most for staff,” he says.

This sentiment is echoed by Gary Osborne, vice president at Risk Partners, who stresses the importance of reaching out to young professionals and college students. “The industry profile needs to be less of a secret; we need to be in colleges and reaching out to young professionals.”

To make the captive insurance industry more appealing and accessible, it’s crucial to map clear career paths and validate the sector as a viable career option. By showcasing the diverse skillsets and opportunities within the industry, potential recruits can see a future where they can grow and thrive.

“We need to be more visible at university careers fairs.”Will Thomas-Ferrand Marsh Captive Solutions

Education and professional development

Educational initiatives and continuous learning opportunities play a vital role in attracting and retaining talent. Dan Towle, president of the Captive Insurance Companies Association (CICA), emphasises the need for developing technical and soft skills essential for success in captive insurance.

“We need to continue to provide more opportunities to develop the technical and soft skills essential for success in captive insurance, and bring young professionals to industry conferences. We can support their involvement with CICA programmes such as NEXTGen and Amplify Women.”

Sandy Bigglestone, deputy commissioner of the Captive Insurance Division of the Vermont Department of Financial Regulation, advocates for true mentoring and training programmes. “True mentoring, along with training and providing opportunities for advancement will capture interest and help with retention of qualified talent,” she states. By investing in professional development, organisations can foster a culture of growth and engagement, ensuring that employees feel valued and motivated to stay.

“The industry profile needs to be less of a secret.” Gary Osborne Risk Partners

Creating a strong employer brand

Renea Louie, chief operations officer of Pro Group, underscores the importance of developing a strong employer brand that resonates with new generations entering the workforce.

“Develop a strong employer brand that highlights the company’s culture, values, and opportunities for growth,” she advises. Showcasing employee testimonials, company achievements, and workplace initiatives can attract top talent by demonstrating a vibrant and supportive work environment.

Louie also emphasises the importance of accommodating employees’ home and family needs, promoting a healthy work-life balance. “Our firm embraces ‘family first’. We prioritise and focus on accommodating employees’ home and family needs with work needs.

“We do not want you to miss important family events, and promote a healthy work-life balance.” This approach attracts talent and enhances employee satisfaction and retention.

“True mentoring, along with training and providing opportunities for advancement will capture interest and help with retention of qualified talent.” Sandy Bigglestone Vermont DoFR

Recognition and succession planning

Recognising and rewarding employees for their contributions is another key strategy for retention. Louie highlights the need for incentives. “Implementing employee recognition programmes, performance bonuses, and incentives motivates employees and shows appreciation for their hard work and dedication.”

Succession planning is essential for long-term retention. By grooming internal talent for future leadership roles and providing opportunities for high-potential employees to take on new challenges, organisations can ensure a steady pipeline of skilled professionals ready to step into key positions.

To effectively recruit and retain talent in the captive insurance industry, organisations must adopt a multifaceted approach. Increasing visibility and awareness, investing in education and professional development, creating a strong employer brand, and implementing robust recognition and succession planning strategies are essential.

By embracing these strategies, the captive insurance industry can attract top talent and foster a culture of growth, engagement, and loyalty, ensuring a bright future in a competitive job market.

“We prioritise and focus on accommodating employees’ home and family needs with work needs.” Renea Louie Pro Group

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