Start the New Year Right: Get Captive Ready for Your Health Insurance Renewal

The new year brings fresh beginnings, new resolutions, and for businesses, a pivotal moment to renew health insurance plans. While many wait for the mid-year crunch to reassess their coverage, now is the perfect time to consider a transformative option: preparing your company to join an employee benefits group captive.

In 2024, numerous businesses explored captive insurance solutions but ultimately decided the timing wasn’t right or felt they needed more time to make the decision to move away from the traditional market. This year, instead of deferring the decision, why not make “getting captive ready” part of your company’s New Year’s resolutions?

Why Your Company May Not Have Been Captive-Ready?

Despite the advantages of group captive insurance—control, stability, and opportunity—not every company is automatically a fit. Here are some common reasons businesses may not have moved forward with a captive program in 2024:

• Lack of Education: Understanding how a group captive operates, and the accountability required from its members is a critical first step. Without dedicating time to learn the model, companies can’t accurately evaluate its fit.
• Decision-Maker Absence: Captive adoption hinges on buy-in from leadership and decision-makers. Ensuring they’re involved in captive educational discussions is key to building alignment.
• Timing Challenges: Many companies first encounter the captive concept when finalizing their health insurance renewal, leaving little room to explore options, consult with members, or undergo necessary steps to make a move to the captive.
• Risk Profile Concerns: Businesses with unfavorable risk profiles or recent large claims may face challenges gaining underwriting approval for a group captive. However, tough years are part of the process, and with the right broker and guidance from ICS, companies can make a plan to set themselves up for success and get captive ready.

Take the Next Step:  Join our Next Captive Insurance Webinar

ICS is hosting a webinar tailored for companies ready to explore how group captives can offer stability, offset large claims, and provide population health support for their employees. If you’ve already attended a group captive 101 session, this webinar is your opportunity to dive deeper. Join us on January 23 at 10:30 AM CT for Overcoming Bumps in the Road with Group Captives Webinar.

Gain valuable insights into why the captive model works, hear directly from current ICS members about their experiences and successes, and understand how the services and benefits can transform your approach to health insurance.

Make Captive Insurance Part of Your New Year’s Resolutions

Step 1: Get Captive Ready
Schedule a deeper educational session (201-level) with your broker and ICS. Ensure decision-makers participate to fully understand the opportunities and requirements.

Step 2: Financial Analysis
Request a group-specific financial analysis to determine if pricing aligns with your company’s goals for the next renewal cycle.

Step 3: Member Referral
Connect with current captive members to hear firsthand about their experiences transitioning to this innovative model.

Step 4: Join the Captive
Take the leap and make group captive insurance a cornerstone of your company’s benefits strategy for a stronger, more stable future.

Start the year by exploring how a group captive could transform your approach to health insurance. Click to learn more about this upcoming webinar today! With ICS as your guide, 2025 could be the year your company achieves greater control, savings, and peace of mind.