Richard Cutcher: Executive Producer, Global Captive Podcast: What is a captive and the new opportunities for innovation (198)

InsTech - insurance & innovation with Matthew Grant & Robin Merttens

InsTech

Business, Entrepreneurship, Investing

4.9 • 51 Ratings

🗓️ 17 July 2022

⏱️ 31 minutes

🔗️ Recording | iTunes | RSS

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Summary

If we want to understand opportunities for innovation in insurance we need to understand what the customer wants – the people and companies buying insurance. Many companies are now setting up captives to use their own capital as an alternative or to complement the insurance they are buying. In this episode, Matthew is joined by Richard Cutcher, Executive Producer of the Global Captive Podcast and the Ambassador for the Captive Special Interest Group at the UK Risk Managers Association (Airmic). They start off with an explanation of what a captive is, and discuss the opportunities for risk managers and insurance buyers for using data and analytics. Other talking points include: How captives are regulated Examples of companies using captives Data and analytics that are being used by captives from companies such as Arbol Recommended podcast episodes from the Global Captive Podcast You can find Global Captive Podcasts 35, 63 and 67 mentioned in the podcast here. If you like what you're hearing, please leave us a review on whichever platform you use or contact Matthew Grant on LinkedIn. Sign up to the InsTech newsletter for a fresh view on the world every Wednesday morning. Continuing Professional Development - Learning Objectives InsTech is accredited by The Chartered Insurance Institute (CII). By listening to any InsTech podcast or reading the accompanying transcript, you can claim up to 0.5 hours towards the CII member CPD scheme. The Learning Objectives for this podcast are: Define the role of 'captives' in the insurance industry and how they are regulated List some examples of the relevant data and analytics of interest to captives Summarise the benefits of companies setting up captives to complement or offer alternatives to traditional insurance If your organisation is a member of InsTech and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 198 page of the InsTech website or email cpd@instech.co to let us know you have listened to this podcast. To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey.

Transcript

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0:00.0	Good morning, good afternoon. Matthew Grant here and welcome. And for those of you in the Northern Hemisphere, hopefully you have some holiday coming up soon, although with the great weather here in the UK and flight cancellations, those of us over here
0:25.9	may not want to go too far or may not be able to.
0:29.0	Well, we'll talk to a wide range of companies and people every week on the Instap podcast,
0:33.2	but one group that we rarely talk to and certainly certainly don't talk to enough, directly is the
0:37.8	end customer. That's the people and companies buying insurance. But this week, I am talking to
0:42.5	someone who knows a lot about how large corporations are buying insurance, and in particular,
0:47.6	how they use their own capital as an alternative, or to complement buying insurance from third
0:52.7	parties through their own captive.
0:55.0	If you don't know what a captive is or you want to understand a bit more about how they work,
0:59.0	then this episode is definitely worth a listen.
1:02.0	Richard Coucher is host of the Global Capital Podcast, and he joined me to discuss how corporations think about insurance
1:08.0	and to explain what a captive actually is.
1:10.0	Now, Richard is seeing examples of companies starting to use data and analytics to more effectively
1:15.6	make decisions about whether to buy insurance or manage those risks internally through their
1:20.6	own captive. And so there are intriguing possibilities for anyone with an insure tech solution,
1:24.6	or just data and analytics, to sell those services into this
1:28.2	market. Now, we've a couple of bonus features on this one as well. For those of you that make
1:32.1	it through to the end, keep listening after my closing words to learn more about protected cell
1:36.9	captives and some tech talk about microphones and recording equipment.
1:49.3	Richard, delighted to speak speaking to today.
1:53.9	It's always intriguing to talk to another podcast host,
1:56.4	so I'm sure at some point we'll be talking about equipment,
	...

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