Is there a demand for professionals with Captive Insurance experience in the Caribbean?

The captive insurance market has experienced significant growth in recent years due to companies seeking alternative risk financing frameworks. Captive Insurance, a form of self-insurance in which a company sets up a licensed insurance company to insure the risks specifically applicable to itself has grown in popularity. In the captive insurance model, the insured company puts its own capital at risk in setting up the captive insurer but also benefits from the potential profit generated in the insurance company.

As the captive insurance company maintains a separate management system, various skill sets in a variety of specialties are required in terms of recruitment.

Job Titles and Skill Sets required in a Captive Insurance entity

Captive Insurer Underwriter

Underwriters assess and evaluate the risk behind credit and lending decisions.

Skill set:

· Analytical Skills

· Communication Skills

· Computer Skills

· Math Skills

Qualifications:

Chartered Life Underwriter, Chartered Property Casualty Underwriter, Associate in Commercial Underwriting

Captive Insurance Manager

A captive Insurance manager is responsible for the communication of information between professional service providers of the captive insurer and the captive insurer’s owner as well as day-to-day activities concerning the captive insurance entity.

Skill set:

· Strong Communication Skills

· Managerial Skills

· Analytical Skills

· Computer Skills

· Attention to detail

Qualifications required:

A degree in accounting, risk management, actuarial science, finance, or law is required. Professional credentials applicable include Associate in Risk Management, Chartered Property Casualty Underwriter, Certified Risk Manager, Commercial Lines Coverage Specialist, Chartered Financial Consult, Certified Public Accountant, and other specialized credentials from recognized institutions.

Account Manager

Account managers coordinate and manage the revenue budget. All day-to-day financial aspects of the insurer are managed by the account manager.

Skill set:

· Familiarity with captive insurance policy structures

· Familiarity with captive insurance tax issues

· Experience in training and developing a good team

· A working understanding of local procedures and regulations

Qualifications required:

Experience in accounting, insurance, or specifically captive insurance is required.

Captive Insurance Associate Accountant

Managing day-to-day finance operations and coordinating between various departments.

Skill set:

· Team player

· Excellent communication skills

· Analytical Abilities

· Timely and accurate billing

· Strong time management skills

· Ability to plan, organize and prioritize

· Proficiency in Ms. Excel

Qualifications required:

A Bachelor’s degree in business management, risk management, or accounting is required.