Tag Archives: captive manager
Choosing Your Captive Manager
Captive Managers are the personnel in a captive insurance company that brings together various disciplines in the areas of; regulation, financial, accounting, auditing, risk management, legal, etc., making sure that the captive insurance company performs successfully. Captive managers and the staff must be skilled in these areas. Proper and appropriate trainings would be sufficient and individual credentials must be reviewed as well.
Some of the areas of expertise that an effective captive manager should posses are;
- He should be equipped with various skills that are necessary to provide you with the needed services. If possible, he must be capable of doing claims, tax preparation, cash management, underwriting, policy management, loss control, and reinsurance.
- A captive manager should be able to understand the risks involved in your business and should be able to come up with different policy proposals to prevent from any business risks to occur.
- You can verify the previous performance of the person and make sure that he has a great record. By asking his previous clients that he worked with, you may verify his professionalism and reliability. It helps if you find out some important if the person is a CPA, the duration that he’s been in this field, or how many clients does he presently handle. Doing a careful background check of the person is the best way to find out that he’s a good captive manager.
- It pays to know the background, the experience and the skills of the prospect since it should also reflect on the price that you’re going to pay for this person’s service. You shouldn’t be deceived with the cheap prices offered since most of them have hidden charges. In the end, more fees will be acquired. Choosing your captive manager can be somewhat meticulous, however, if you hire the right one, you’ll be the one who benefits in the end.
