Company Change to Captive Insurance, How It Works, and What It Means for Safety
In our past Marvin Keller has attained insurance coverage through independent means. This means paying often high premiums and expenses out of pocket to insurance companies despite our sky-high safety ratings. We thought it was time to make the shift to an alternative risk solution through a solution called a captive group.
A captive group is a group of carriers that band together to provide coverage for itself. This means there is a higher value in safety ratings than in traditional insurance, which is why our company Marvin Keller feels right at home.
Even though our participation in captive group causes us to face more risk than pairing with traditional insurance companies, by joining with the group we have more opportunities to financially benefit if we perform well in our safety ratings. It is nothing new that Marvin Keller fleet has excelled greatly in this arena. We anticipate to benefit greatly.
It is in the best interest of the group to help one another be successful in safety ratings. Our Human Resources Manger Amanda McKee recently went to Dubuque, Iowa along with Greg Sullivan Senior Truck Technician where the group hosts a collaboration safety convention twice a year. They reported that representatives from each of the companies within the group were present and that energetic conversation about hot topics in safety was sparked as the representatives from each participating carrier shared ideas about what what worked well for them over the past months.
It gives us an opportunity to network and share ideas. We can share tips and ideas with the rest of the group that we have found successful and expect to see the same collaboration from the others in the group. There is a lot of collaboration to ensure that all companies collectively have the highest marks in safety. We now have access to a large network of carriers that are fighting the same battles as we are. If we have a particular safety issue that we are trying to figure out how to address, we can learn from our peers instead of trying to reinvent the wheel. We can take insight from their experiences and apply that to the problems we face.
There are currently more than 53 carriers in our particular captive group, which is managed by Cunningham and Butler.