At Launchways, we’re constantly looking for new innovative,
effective ways to help businesses meet their HR, employee benefits, and
business insurance needs. This month, we’re proud to announce we are adding Group
Insurance Captive solutions to our ever-expanding portfolio of solutions for
growing businesses.
In this post we’ll:
- Define Group Insurance Captives in a
straightforward and useful way
- Explain the value proposition of our group
captive membership
- Describe why we’re so excited to be offering
this new program
- Provide next steps for businesses hoping to
learn more about our group insurance captive
What is a Group Insurance Captive?
A “captive” insurance company is an organization founded
with the sole purpose of providing business insurance to its owner(s).
Essentially, a captive is the purest form of self-insurance.
A business or group of businesses forms a captive in order to meet their
insurance needs without being beholden to the packages, limitations, and pricey
markups of the traditional marketplace.
A group insurance captive specifically involves a group or
“pool” of businesses with similar scales or goals coming together to create and
share a captive insurance company. That new company, managed by a designated
third party, obtains insurance for each owner/member organization, processes
their claims, and maintains the overall health of the pool.
How Do Businesses Benefit from Joining Our Group Insurance Captive?
So, now that you know what a group insurance captive is, the
natural question is: Why would you want to be part of one?
Organizations that form or participate in a group captive
have greater independence, greater power for self-determination, and greater
potential for profit. Let’s take a look at some of the specific ways those
gains play out:
- In the traditional marketplace, you rent
your insurance. With a captive you own it.- Total continuity of services as desired
- No stress over price-gouging at policy renewal
- In the traditional marketplace, business
insurance is an expense; in a captive, it’s an opportunity
for return.- Get up to 60% average return on premium
- Use safety initiatives/risk management skills to
maximize your payout
- With your own insurance company, you can get exactly
the coverage you need and eliminate overspend.- No more bundled services you don’t want or need
- Turn self-knowledge into efficiency-of-scale
- Owning your insurance company means you
call the shots!- Work with your pool partners to set the tone for
the captive
- No more getting sold out or let down by the
insurance company
- Work with your pool partners to set the tone for
- With a captive, you have greater access to
insurance data than ever before.- Understand your needs, claims, and expenses
better than ever
- Gain insights to help streamline coverage/claims
processing in the future
- Understand your needs, claims, and expenses
How to Know if You’re a Good Fit for Our Group Insurance Captive:
Once you hear about the potential benefits of group
insurance captives, it’s natural to wonder if your organization is a fit to
join.
If your business can answer “YES!” to each of the following
questions, then you’re a great candidate for our new group insurance captive
program:
- Do you pay $150,000 or more in insurance premiums each year?
- Does your company have an entrepreneurial spirit?
- Does your company desire greater control and stability?
- Does your company understand the concept of “risk for reward?”
- Is your company committed to safety?
Why Join a Launchways Group Insurance Captive in 2020?
Now that you’ve got a general understanding of what group
insurance captives are and what kind of value they offer businesses, it’s time
for us to answer another important question: Why us?
Since our inception, Launchways has focused on providing
support and solutions that help growing businesses thrive in the immediate
future while also planning for long-term success.
We’re entering the world of Group Insurance Captives because
we understand that business insurance needs are increasingly diverse, and more
and more organizations are feeling frustrated by the limitations of the
traditional marketplace. We want to help our clients bet on themselves, forge
powerful partnerships with likeminded businesses, and get the exact coverage
they need to thrive.
We believe in the power of growing organizations to improve
the business space and lead the next wave of American innovation. That’s why
we’re helping businesses find potential pool partners, organizing our group
insurance captive, and connecting organizations with the management and
expertise they require to ensure their captive experience is successful.
Takeaways:
Here at Launchways, we’re excited to be helping our clients
gain the power and freedom group insurance captive membership can bring. We’re
looking forward to applying our innovative approach and emphasis on specific
customer goals to help businesses gain the power, efficiency, and profit
potential our group captive offers.
Remember:
- Group insurance captives offer businesses true
ownership over their insurance, enabling:- New profits from return on premiums
- Increased control over claims management
- Innovative partnerships with pool peers
- To be a strong group captive candidate, a
business should pay at least $150,000 in annual insurance premiums and be a
stable but innovative organization
How to Learn More:
Are you interested in learning more about our captive program and if your business qualifies? Request a free consultation with our business insurance experts.
