Top Workplaces 2022: Insurance consultant Captive Resources encourages a culture of openness and transparency

When Captive Resources was founded over 35 years ago, the company’s founders set out to answer simple questions: How can commercial insurance be reimagined to benefit the insured rather than the insurer?

Companies relying on commercial insurance programs were and still are plagued by challenges such as poor control over premiums and little focus on reducing the cost of risk. .

Captive Resources, which ranked #1 among mid-sized employers on Tribune’s 2022 Top Workplaces list, as measured by Energage, a consultancy in Exton, Pennsylvania, decided to try a new approach. The company has developed a member-owned group captive model that allows companies to become stakeholders in their own insurers. For group captive members, the result is greater control over insurance coverage, premiums based on actual loss experience, safer workplaces, and the likelihood of earning dividends with better-than-expected loss performance.

“Typically, when you buy conventional commercial insurance, expenses are often covered, meaning that whatever my losses are, regardless of what the company pays for them, I get my money back. No chance — no return on investment for the money, says Captive Resources CEO Nick Henges: “We take the opposite approach.”

“We have allowed participating insurance buyers to participate in the risk and most of their losses have been below expectations,” said Henges.

Captive Resources provides purpose and direction to group members through an effective risk management program. Professional consultants partner with members and captive resources. Services include industry best practice risk management assessments, loss prevention and control action plans, hazard investigations, training and more.

Rose Frieri, Chief Human Resources Officer, Captive Resources; from left, Donna Draus, Chief Financial Officer, and John Pontin, Chief Marketing Officer.

Together with Co-CEO and President Mike Foley, Henges is responsible for the overall presentation of the Itasca-based company to customers and shares direct responsibility for the company’s strategic planning and day-to-day operations, including production, management. increase. , risk management, claims, human resources, finance, legal, information services, and travel.

Captive Resources owns a six-story building, but the pandemic has put flexible working arrangements, especially working from home, in the spotlight. “We have beautiful places for everyone to work, but then COVID hit and we quickly moved to remote work or working from home,” said Henges. “We are back to working two days a week in the office and three days a week at home. If you want to work more in the office, you can.

This company requires employees to be in the office on Mondays for team meetings and face-to-face interactions.

“We allow them to choose another day they are in the office,” said Henges. “We’re trying to make that second day a consistent day for him so that we can help plan additional face-to-face meetings if needed. We have some flexibility.”

Crystal Lake project manager Adam Owens in the control room of Studio 5 at Captive Resources in Itasca.

He added: So we are very happy with it. We can attract really good people who want to spend more time at home, but also keep our culture alive. I believe that building strong relationships is also important. ”

Chief Human Resources Officer Rose Frieri says Captive Resources fosters a culture of openness and transparency. “We keep our colleagues informed about the company’s overall performance and key initiatives, and openly ask for their opinions, ideas and concerns,” she said. “We recognize new ideas and always respond in a timely manner.”

Mr. Frieri explained that the company’s business model requires open and continuous communication in order to provide the highest level of service to its clients. “We believe we have an obligation to communicate as often and openly as we do with our colleagues,” she said. “This starts with the interview process. All colleagues are continuously encouraged to voice their opinions, especially their own ideas.”

Arlington Heights IT support specialist Max Krueger (left to right), Bartlett financial analyst Lito Oca, and Naperville IT specialist Brandon Jackson at lunch at Captive Resources.

Sandra Springer, senior vice president of marketing, added: That being said, we have created and nurtured a culture that embraces this fundamental tenet of openness and communication. And when new colleagues are immersed in the culture, they feel comfortable speaking up. ”

Attracting, retaining and motivating top talent starts with providing great compensation, great benefits and the flexibility to attract, reward and motivate your colleagues.

“I also feel that recognition is important,” said Frieri. “We tell our colleagues how important they are to our client’s success and to our company and that they are truly appreciated. I feel a personal connection, not just with the company, but with each other because I know that.”

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She noted that the company strives to provide fair compensation and that its employees’ wages are fair and above average. We are seeing increases that match or exceed the industry,” said Frieri. “There are many positions available, including incentive-based salaries, and in recent years we have offered many bonus opportunities for colleagues to share in their success.”

Mary Scianna, Senior Vice President of Financial Planning and Analysis at Rosemont, meets with Pete Solmo, Senior Corporate Financial Analyst from Schaumburg, at the Captive Resources office in Itasca.

Captive Resources regularly sponsors charities and participates in initiatives such as the annual food drive that benefits the Itasca Community Food Pantry to help those at risk of hunger. The company participates in local blood drives to help people when they need it most.

It also supports the Grabowski Scramble Golf Tournament, an annual event that funds groundbreaking research in the fight against brain cancer.

Time and time again, our colleagues have banded together to support the nonprofit Feed My Starving Children, providing nearly 50,000 nutritious meals to children around the world. Captive Resources also participated in the Illinois Unified Relay Across America at the 2015 Special Olympics World Games in Los Angeles.

Other philanthropic activities include making fleece tie blankets, collecting donations for care packages Phil’s Friends provided to cancer patients, and raising over $100,000 for the Northern Illinois Food Bank to help victims of the coronavirus pandemic. I helped people who were Her colleagues also donated £125 of candy to Thanksgiving Operations for distribution to deployed troops, local military units, veterans and first responders.

Brenda Richardson is a freelance writer.

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