How Flight Plan 365© Helps Businesses Succeed in the Captive Underwriting Process

December 19th, 2023 | 3 min read

The best way for a business to prepare for the captive underwriting process is to conduct an audit of its existing risk management program. The results will provide a clear picture of your company’s risk profile and how well your business manages risk,

With Flight Plan 365^©, ReNu has taken the risk management audit to the next level by tailoring it to align directly with the captive underwriting checkpoints. By organizing the crucial, captive-specific questions into actionable phases—from audit through to success—the Flight Plan 365^© audit lays a solid framework for preparing a business for the captive underwriting process.

This article focuses on how Flight Plan 365^© can help your business succeed in the captive underwriting process. The plan itself is explained separately, in What is the best way for a business to prepare for the captive underwriting process?

What does the Flight Plan 365^©audit look like?

Flight Plan 365^© organizes the captive underwriting process in a systematic approach designed to pull out the answers to the questions the captive risk committee will ask about:

why the business should be in a captive; and

how the business will be profitable once inside the captive.

Profitability after entry into a captive is key. By enhancing entry into the captive underwriting process, Flight Plan 365^©can bring great value not only to captive entry but also to ultimate captive profitability; however, this does not mean that the audit will—or has to—work out exactly the same way each time.

Certain things need to be in place before a business can see success, and the best way to see how this plays out is to look at what happens before and after a business enters a captive.

How exactly does this help?

When considering captive insurance ownership, the first thing the risk committee will look at is how far the business has come—then, as part of the underwriting process, they will want to determine how far it can go.

As a business owner moves through the process of preparing the answers for the risk committee—and even after they join a captive—they often become aware of a shift in the way they think about risk management and about improving their risk profile. Their focus suddenly becomes solely about safety and risk management, and not buying insurance.

Anticipating this shift in thinking ahead of time goes a long way in preparing the business owner to answer the captive underwriting questions. Flight Plan 365^©brings this awareness to a whole new level.

The Flight Plan 365^© audit will:

So the business owner is ready for any questions designed to determine:

Identify all potential risks—even those that aren’t easy to see;
Define the current risk management program;

define the current risk management program;

Articulate a long-term strategy where the business owner can take the wheel knowing they can rely on their risk management program to serve as both navigation system and co-pilot; and
Laying the groundwork for reducing risk, thus continuously increasing the return on captive investment.

What are the risk and loss scenarios for the business?
How have the risks and losses been managed?
What is the business’s current risk profile?
Where could the risk profile be improved?

What other benefits does Flight Plan 365^© offer?

In addition to aligning with the unique features of captive insurance, Flight Plan 365^© provides a quantifiable assessment process that can help a business mirror the risk management style of a Fortune 500 company. This includes:

a long-term strategy that does not buy insurance from an external source;
improved risk management capabilities with a risk advisor studying every area from which claims can potentially arise (aligning with the dedicated team that Fortune 500 companies have in place);
a full-cycle process of strategy development, implementation, monitoring, updates, and adjustments; and
more mileage in terms of productivity and safe operations, without the cost that a Fortune 500 company typically pays.

By carrying out essentially the same function as a risk management team in a Fortune 500 company, Flight Plan 365^© provides a dashboard that shows where the company is on anything from safety manuals to procedures and even claims history—and identifies where any part of the risk management program can be improved. The program’s diagnostic and consultative steps are highly beneficial for any business looking to match its insurance costs with profitability.

But does Flight Plan 365^© actually help improve profitability?

ReNu’s Flight Plan 365^©offers a carefully designed process for auditing an existing risk management program, and for continuing to support you even after you enter a captive. The Flight Plan 365^©audit generates the answers to the captive underwriting questions, enabling you to be fully prepared for the captive underwriting process, and the ongoing support can help your business mirror the risk management style of a Fortune 500 company.

The Flight Plan 365^© program is explained in detail in:

How Flight Plan 365 Works: Leading to Profitable Captive Ownership

Our insurance specialists are available to discuss any questions you might have.

Warren Cleveland

Warren is the president and founder of ReNu Insurance. As a former commercial pilot, he knows what it takes to keep people safe and protected. He also understands how quickly life comes at you, handing you surprises when you least expect them. When he was laid off after 9/11, he knew it was time to find a new career that could take him to new heights. He entered the insurance industry and brought all his talents and skills as a pilot into a new world of risk and security. His transition from aviation to insurance was driven by a commitment to redefine the traditional insurance model, advocating for a captive insurance structure that aligns risk management directly with business outcomes. At ReNu Insurance Group, Warren has pioneered a captive insurance approach that slashes operational costs and delivers risk management solutions unmatched by conventional insurers. His direct, results-focused guidance enables businesses to transform their insurance policies from passive expenses into strategic assets. Recognized as a leading authority in captive insurance, Warren's insights are crucial for companies aiming to optimize risk profiles and enhance operational resilience. He holds advanced certifications in captive insurance and is dedicated to leveraging the latest industry innovations to benefit his clients. Under Warren’s leadership, ReNu Insurance Group is setting new standards in the insurance industry, providing clear, effective, and financially advantageous risk management solutions that support sustainable business growth. Warren Cleveland, ACI, CIC, AAI

Topics:

Risk Management

Captive Underwriting

Profitability

Insurance

Audit

Safety

Risk Profile

Strategy