Generally speaking, alternatives to the conventional ways of doing and producing things have often been branded as disruptors, particularly in this day and age in an era of just so many technological discoveries and advances, so much so that the insurance industry’s underwriters and actuarial scientists have had to extend themselves to the limit in order to counter these scientific, industrial and commercial introductions by way of designing and implementing new forms of insurance covers that not only make sense but are appropriate and mutually acceptable to the insurance underwriters and their numerous commercial and industrial clients.
But sadly, for both client and the industry that is purportedly serving its best interests, the underwriters and the powers that be remain non-plussed, if not that, tardy, laggard and just quite frankly disinterested. More than ever before, they have a tendency to be risk averse. This is always going to be to the disadvantage of the business and industrial client, particularly he who is prepared to be proactive in the way he conducts his business and seeks to improve it, not just for his sake but for his clients too. But having said that, it is not the disaster that it is deemed to be. Captive insurance industry products, for the foreseeable future, will continue to disrupt the conventional insurance markets.
Not that the progressive business client need to worry about that, because the very principles and practices of captive insurance should always be working in his favor. Numerous examples specific to the way he conducts his business, and the products and services he elects to deliver could be provided to the interested reader. To begin, all you have to do is to key in on what kind of business you are operating right now.