Market Overview

A.M. BestTV at VCIA: Better Movement of Information Via Blockchain Should Spark Captive Growth, Say Executives


In this A.M.BestTV episode from the annual Vermont Captive
Insurance Association (VCIA) conference in Burlington, VT, Rocco
Mancini, consultant, captive solutions, Marsh, and Havell Rodrigues,
chief executive officer, Adjoint, said industry participants and
regulators have seen the benefits of blockchain technology and are
taking early steps to widen its adoption.

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Mancini spoke about how the blockchain is affecting the insurance

"I think in the short term, there will be a lot of opportunities for
operational efficiencies," said Mancini. "It could be as simple as
finding more efficient ways to handle claim payments or at multinational
business units, where there are multiple regulations, sharing data and
information freely. … Blockchain creates the opportunity to share
information, making sure that it is immutable."

Rodrigues highlighted the challenges the captive industry faces using
blockchain technology.

"There are just so many inefficiencies in the captive insurance
industry," said Rodrigues. "Movement of premium payments, tracking the
payments made by a local subsidiary that is part of a captive, as well
as making sure payments are going to the right location at the right
time, are all currently challenging for the industry. If the industry
can address these challenges and create streamlined processes where data
and information about money is moving very smoothly, I believe that the
captive industry is going to probably grow from where it is today."

Other VCIA-related episodes of A.M.BestTV include:

  • Insolvencies Tied to RRGs Formed for Short-Term Reasons, Says
    Medical Liability Panel
    : Captive experts say that some risk
    retention groups (RRGs) that were formed to take advantage of
    temporary hard-market conditions had poor outcomes compared with RRGs
    that pursued better underwriting and reserving practices:
  • Soaring Risk: Panelists Explain How They Launched a Hang-Gliding RRG:
    Risk professionals behind a RRG devoted to covering hang gliders and
    their associations describe how they crafted their own risk solution
    after losing traditional coverage:
  • Traditionally Low Profile, the Captive Sector Draws Increasing
    : Executives say captive insurers are drawing
    increased attention from regulators, tax authorities and their own
  • Rated Captive Insurers See Strong Performance Compared With
    Commercial Peers
    : A.M. Best Associate Directors Susan
    Molineux and Fred Eslami say the performance of rated captive insurers
    once again outperformed their counterparts in the commercial casualty

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