E133: Jarid Beck On Understanding Captives Better

In this episode, James talks with Jarid Beck, Co-Founder of Risk Management Advisors.

To learn more about Risk Management Advisors, visit https://www.riskmgmtadvisors.com.

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Episode Highlights:

• Jarid discusses the focus of Risk Management Advisors which is to provide creative and multifaceted insurance solutions to businesses in various industries to help them better manage their risks and outperform their competition. (3:00)
• Jarid mentions that in a competitive insurance market, the key to success lies in providing excellent service and finding creative ways to differentiate oneself from other providers. (8:01)
• Jarid explains that captive managers provide valuable services in setting up and administering captives, but they do not handle the full range of services and policy placements that traditional brokers do. (16:06)
• Jarid mentions that captives can be a viable solution for existing property exposures, but they are not suitable for covering catastrophic losses due to the high premiums and long recovery time. (21:28)
• Jarid mentions that the key to success in implementing a comprehensive insurance program is to start building gradually and not try to have everything at once. (39:30)

Key Quotes:

• “We got into corporate financial planning strategies, retirement plans, defined benefit plans, deferred comp, you name it, executive benefits. And in the process of doing this and doing some planning for some, some prospects and clients, we saw captive insurance companies cropping up, more and more it was becoming something either business owners had, or they wanted to see or wanted to learn more about.” - Jarid Beck
• “We like to do things in phases, you know, hey, let's phase one, phase two, phase three, and let's tackle it over, you know, over a period of months or years, and then you know, have a smooth glide path, then you get down the road and you're like now we've got a program that does everything we want” - Jarid Beck