Experience Efficient, Effective & Expert Captive Management
Captive management back-office services are cost effective for captive managers which means more profit for the manager and more efficiency for the clients.
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.
If you already have a captive or are a captive manager, we can handle your back-office
While it is true that many young attorneys and CPAs are hungry for clients and may appear to be a good deal, they are unlikely to possess enough captive knowledge for the task. Captive managers employ teams of skilled captive CPAs, attorneys and other captive professionals who know captives from every angle. Their experience results in cost effective captive management.
Captives are known for providing specialized insurance coverage for unique business risk which cannot be insured anywhere else. 831b factory refers to experienced, effective captive management for newly formed captives, as well as existing captives who seek more efficient and cost-effective captive management.
While it true that this plan could work, it is unlikely to succeed. Most successful business owners understand the value in outsourcing services since their own time is extremely valuable. Managing a captive needs to be by experts in the industry who can handles all the necessary rules and regulations that are applicable.
For many businesses captive benefits will exceed the costs. Generally speaking, businesses whose benefits exceed costs share similarities such as: low insurance losses, year to year profitability, adequate cash flow, gaps in their current insurance policies and the desire to turn insurance expense into an asset.
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For over a decade, 831BFactory.com has provided alternative risk solutions, as well as formation and management services to a wide range of companies in various industries.We certainly understand that you face a lot of risk as a business owner or risk management professional and that there are exposures and risks that can’t be covered with traditional insurance.