Captive insurance company owners typically have two choices to manage their insurance company. The first way is a “do it yourself” solution. This is where a Captive owner creates their own team to manage their captive. For most Captive owners, this task is easier said than done. While it might be tempting to use any Attorney and CPA to manage a captive, the consequences are too great. It is necessary to find professionals who are knowledgeable about Captives, not an easy task and it is possible these professionals are so busy, they have no room to add new clients. The second way to manage an insurance company is by hiring a Captive Manager.
Expert captive insurance managers provide a seasoned team of captive professionals that provide back office support for existing captives which includes Actuaries, CPAs, Attorneys, Account Managers and more. Burdensome back-office tasks such as staying in compliance, maintaining insurance department filings, creating claims processing procedures and many accounting tasks can be out-sourced to a Captive Managers. 831b captive factory is an appropriate term for services provided by a Captive Manager. 831b factory services enable business owners to concentrate on running their businesses, instead of trying to run a captive.
Captive management provided by an 831b factory starts with a team of experienced, expert captive professionals. The team approach can eliminate most headaches many captive owners endure. Employing a captive manager for back-office support of an existing captive means that there are no lengthy delays as a result of an illness, family emergency, holiday or vacation. When captive owners choose back-office management from a captive manager, there are multiple professionals who can take care of their needs now. Back-office Captive Management enables the owner to manage his or her business instead of being in the captive management business.