ABOUT CAPTIVE INSURANCE
Welcome to the Oklahoma Captive Insurance Association (OCIA) website, where we aim to provide you with a comprehensive understanding of captive insurance and its benefits. If you’re new to the concept of captive insurance or looking to deepen your knowledge, we’re here to guide you through this exciting and innovative insurance solution.
Captive insurance is a specialized approach that allows businesses to create their own insurance company, known as a “captive.” Unlike traditional insurance, where policies are obtained from external insurers, captives offer a self-insurance mechanism that gives companies greater control over their risk management and insurance needs.
By establishing a captive, businesses can tailor insurance policies to their specific risk profiles and requirements. This customization ensures that all relevant risks are adequately addressed, providing comprehensive coverage that aligns with their unique circumstances.
One of the key advantages of captive insurance is the ability to take control of your risk management strategies. Captives allow companies to assume risks that are typically excluded or difficult to obtain coverage for in the traditional insurance market. This approach provides businesses with greater financial stability and flexibility in managing their risks.
JAMES GARNER
With the exception of my wife and children, there’s nothing I value more than my Oklahoma heritage.
FURTHER CONSIDERATIONS
Beyond risk management, captives can also lead to significant cost savings. By cutting out intermediaries and avoiding market fluctuations, businesses can retain underwriting profits and investment income that would otherwise be earned by third-party insurers. Captive insurance provides a long-term, stable solution that aligns with your organization’s goals and objectives, enabling you to optimize your insurance program while maximizing cost efficiency.
In addition to cost savings, captive insurance offers improved claims experiences. As a captive owner, you have more direct and personalized claims handling processes, allowing for efficient and fair resolution. This enhanced control and visibility over the claims settlement process ensures that your organization’s needs are met promptly and effectively.
Captive insurance provides a valuable opportunity for risk mitigation and flexibility. By establishing a captive, businesses can address unique or hard-to-insure risks specific to their industry, thereby filling potential gaps in coverage and protecting against unforeseen events. This risk mitigation capability provides peace of mind and enables organizations to focus on their core objectives.
Joining OCIA opens the door to a vibrant community of captive owners, service providers, and industry experts. As a member, you gain access to educational resources, networking opportunities, and industry insights. Our association is committed to keeping you informed about the latest trends and legislative updates in the captive insurance field, ensuring that you have the knowledge and support needed to navigate this dynamic industry.
Take a deep dive into the world of captive insurance on our OCIA website. Explore the benefits of membership, connect with peers and industry professionals, and unlock the full potential of captive insurance for your business.