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Try A Little More TLC
For Your ART
My most recent experience in the alternative risk transfer (ART) marketplace has been participating in the introduction of a new insurance company targeting captives and specialty programs. During my travels it is surprising to hear so many stories of one-sided negotiations, channel conflict, miscommunication (or no communication!) and unclear decision-making processes.
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By: Brian First, Executive VP and Chief Marketing Officer, SPARTA Insurance Company
Carriers Roll Out the
Policy Admin Red Carpet
In times past, policy administration implementations were often anything but pretty. Much time and money was wasted as insurers watched vendors fumble about and try to learn on the job how to iron out kinks. "As technology was developing and companies were trying to implement new and different things, you were always living with that reality," says Kevin Costello, president and COO of Sparta Insurance Co., a Hartford, Conn.-based property/casualty insurer. "I spent a lot of time flying places to work out problems with vendors going through R&D phases or implementation struggles with their own product, and [then watched] that impact our business."
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By: Daniel Joelson, freelance business writer, Alexandria, Va.
Give Diligence Its Due
Aspirat Primo Fortuna Labori
(Fortune Smiles Upon Our First Effort)
It is often said that insurance is a relationship business. Perhaps no other segment of the business illustrates this truism better than program business. There is a symbiotic relationship between insurance carrier and program administrator that makes each party dependent upon the other to achieve the mutually desired objectives of stability, profitability, and growth. While it is often emphasized that carriers in the program marketplace must exercise superior judgment in the selection of their business partners, it is equally important for program administrators to select carriers that best exemplify their view of the business partnership.
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By: Neil Putman, CPA, CPCU, AIAF,
Senior Vice President, Customer Operations, SPARTA Insurance Company
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We are pleased to provide you with the inaugural issue of the SPARTA Standard, our quarterly newsletter to the marketplace. As you can imagine, we are very grateful for the reception the company has received to date and are committed to realizing the full potential of our vision to be the premier provider of unbundled program solutions to the specialty and captive markets. We thank you for your support and hope you find the publication interesting and informative. 
