Data Collection
We begin with an analysis based on data and metrics, this requires initial information for comparison purposes. This includes a copy of current policies, renewal applications for cyber insurance and, if desired, other coverage including D&O, CGL, & WC. The completed questionnaire and data from the complementary Attack Surface Management (ASM) Discovery gives the actuary the right information to start your risk profiling.
Program Analysis
Once the baseline information is collected, SeCAP assigns a team of specialists to analyze information, including coverage, policy limits, deductibles, and self-insured retentions (SIR) and risk funding. The program analysis includes a full review of your exposures and analysis of policies to see if they match up.
Determine Appropriate Comparables
While no two firms are the same, SeCAP has data on the insurance programs of different firms to develop meaningful comparisons. One benefit of our singular approach is we see firms all over the country. We often can compare all aspects of an insurance program from similar firms and provide metrics for low, median, average, and high comparisons for cost, limits, and deductibles/Self-Insured Retention (SIR)
Present and Review
We then gather you and your decision-makers to:
- Review findings – Working with a third-party risk assessor to review your ASM data and submitted questionnaire.
- Recommend a Captive Insurance Structure – Understanding the right coverage model based on gaps and fixes from our ASM Discovery.
- Discuss Policy Limits, Deductible/Self-Insured Retention (SIR) and Pricing
Implementation
Together we work with our fiduciaries to:
- Form your governance team
- Finalize policy language and limits
- Present feasibility study to State Regulatory Body
- Petition State Regulatory Body for Captive Sponsorship
- Officially select desired coverages, premiums, and captive formation
Ongoing Partnership
We are with you throughout the life of your captive. We serve you and your company to insure, protect and safeguard the potential risks that come with being successful.
This includes:
- Serving as the primary contact with the domiciliary regulators and ensure compliance with all domicile regulations.
- Developing business plans and pro-forma financial statements.
- Maintaining your captive’s financial and operational records.
- Providing insurance, risk management, and underwriting expertise to the captive.
- Providing quarterly and annual financial reports for the captive’s owners and board of directors.
- Serving as the main point of contact for the captive’s service providers