Volleyball and Captives #3: Lessons from AAU Nationals
From experience and teamwork to coaching and pressure, the principles of competitive volleyball mirror what it takes to succeed with captive insurance.
Last week my son competed in the AAU Junior National Championships in Orlando, Florida. Many lessons were observed, learned, and confirmed. These principles are not new, yet the high-level competition magnifies these important principles through success as well as through failure. These principles may be applied to 17-year-old young men, the game itself, and of course captive insurance.
Experience
It's one thing to watch on the sidelines, observe, evaluate, and visualize — and there is value in watching — yet being in the game is where the most growth comes. Being in the game is priceless and accelerates learning, best practices, adjustments, and actual development.
Business owners follow the same pattern as they observe and evaluate how captive insurance may work for them. But the benefits of owning a captive insurance company ultimately play out by owning one. Best practices, adjustments, and evolution come quickly by experiencing: filing claims, retaining capital, paying out claims, and operating your insurance company.
Teamwork
Volleyball is a great team sport. Each player and each position relies on each other to be in the proper position, cover for one another, and ultimately the team executes as individual players execute. Each team understands, and the best teams are very self-aware of their strengths and weaknesses.
Operating and running your business requires this same type of teamwork. Your expertise is in your operating business. Your captive insurance team puts you and your captive in proper position, covers all the compliance and regulation, and ultimately the execution of your insurance company.
Coaching Matters
There certainly are good coaches and not-so-good coaches. The best coaches bring out the best in their players and teams. The best players and teams want to be coached. The best coaches make adjustments and let their players and team work through challenges.
There is more to coaching business owners regarding captive insurance than just educating or completing a transaction. Having a long-lasting relationship, making adjustments, and bringing out the best execution of your insurance company represents how coaching matters.
Consistency
The best players and teams are those who are consistent. Surprisingly, at the highest level of competition the best performances are a result of consistent play — not the tallest, or fastest, or strongest, but the most consistent players. These players make fewer mistakes and typically have more experience.
Your business and your captive insurance company perform best not because you are the biggest or generate the most revenue, but because you are consistent in operating, training, hiring, and ultimately in executing.
Pressure
Pressure is real. Sometimes it is self-induced, and most often the higher the stakes, the more pressure that comes as a result. More experience in high-pressure situations doesn't eliminate pressure; however, experience helps a person through the situation or opportunity.
The business world is made up of high-pressure situations, contracts, big dollars, and relationships. Initially implementing captive insurance often creates some pressure as it is a new entity with moving parts. Ultimately, captive insurance relieves pressure as it protects a business from many significant losses and provides a new profit center previously not in existence.
Trust
Such an important feeling that is built, earned, and worked for — which creates confidence for and in every situation. For business owners, trust is the foundation that creates confidence across every aspect of your business and your captive insurance company.
Volleyball is really a fairly simple game. Still, there are variables and intricacies which set individuals and teams apart. Sounds like captive insurance.