Episode 15

Published on:

22nd Jan 2024

Self-Insurance and Captive Insurance in Manufacturing with Jarid Beck

In this episode of The Manufacturers Network Podcast, host Lisa Ryan welcomes Jarid Beck, Risk Management Advisors's managing director and co-founder. Jarid offers valuable insights into risk management and insurance strategies in manufacturing, particularly focusing on self-insurance and captives for reducing the costs of providing group health benefits.

Jarid Beck begins by sharing his career journey, transitioning from financial planning to focusing on captive insurance companies due to their multifaceted benefits for business owners. He provides a comprehensive explanation of captives, highlighting how they are beneficial for manufacturers in managing risks by providing personalized, cost-effective insurance options tailored to specific business needs.

The conversation delves into the concept of self-insurance and its distinction from traditional insurance models. Jarid emphasizes the financial efficiency and flexibility of captive insurance compared to traditional insurance, shedding light on how it empowers businesses to take control of their insurance expenses and stabilize cash flow.

Additionally, the discussion touches on the challenges manufacturers face when implementing self-insurance and captive insurance strategies, particularly the need for early education and effective communication with stakeholders.

**Key Lessons Learned:**

- Captive insurance companies offer personalized, cost-effective insurance solutions tailored to specific business needs.

- Self-insurance, when approached formally through captives, provides financial efficiency and allows businesses to retain profits and stabilize cash flow.

- Effective education and communication are essential when implementing self-insurance and captive insurance strategies.

**Ideas for Manufacturers to Implement:**

- Explore off-cycle self-insurance and captive insurance strategies to educate and prepare for potential transitions.

- Assemble a team of knowledgeable advisors to guide the exploration and implementation of self-insurance and captive insurance options.

**Fun Facts:**

Did you know that captive insurance companies provide manufacturers with more control over their insurance expenses, potentially leading to cost savings and a stabilized cash flow?

If you want to learn more about self-insurance and captive insurance in manufacturing, connect with Jarid Beck and his team at Risk Management Advisors through their website at www.riskmgmtadvisors.com or explore their informative content on their YouTube channel and LinkedIn.

Join us in the next episode for more insightful discussions on navigating the world of manufacturing.

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About the Podcast

The Manufacturers' Network
Connecting Manufacturers with Manufacturers
The Manufacturers' Podcast is THE place for manufacturers to connect with and learn from other manufacturers. Not only will listeners get to learn from their manufacturing colleagues, but they will also discover HOW they can help each other as a resource or as a source of help and inspiration.

As a manufacturer, it's easy to get pigeon-holed into only focusing on your own industry, whether it be through your industry trade association or your industry colleagues. While trade associations are an excellent source of information for their members, sometimes it's gaining a perspective from someone else in a completely different industry that gives you the solution to your dilemma.

Stay tuned for new episodes every week on "Manufacturing Monday's." This drive-time length podcast will give you the information, tips and strategies you need to get your week off to a fantastic start.

About your host

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Lisa Ryan

As a Certified Speaking Professional (CSP), an award-winning speaker and author of ten books, Lisa Ryan, CSP, works with her clients to develop employee and client engagement initiatives and strategies that keep their top talent and best clients from becoming someone else’s.
Lisa’s expertise includes: strengthening workplace culture, improving employee engagement, increasing customer retention, and initiating gratitude strategies (“Grategies”) for personal and professional benefit. Lisa’s participants enjoy her high energy, enthusiastic delivery and quick wit and they leave the session with ideas they are committed to acting on immediately to make positive workplace culture changes.
Lisa costars in two films with other experts including Jack Canfield of “Chicken Soup for the Soul.” She is the Past-President of the National Speakers Association, Ohio Chapter and holds an MBA from Cleveland State University.

Relevant Experience

• Keynote, breakout or workshop speaker at more than 100 national and international conferences
• Thirteen years of industrial marketing and sales experience, including seven years in the welding industry – and yes, she does weld
• Host of “Elevate Your Engagement Levels: What You Need to Know” on the Elite Expert Network and the C-Suite Network
• Creator of “The Seven Mistakes Managers Make to Crush Company Culture” video series
• Best-selling author of ten books, including “Manufacturing Engagement: 98 Proven Strategies to Attract and Retain Your Industry’s Top Talent”
• Award-winning speaker