LAVANYA SEHGAL

Lavanya Sehgal began her professional journey in India shortly after completing her degree when she joined a Big 4 accounting firm as an assurance associate in the US commercial practice. She served at the firm for six years and completed her US CPA to prepare for the career ahead.

She was given an opportunity to move with an offer from Grant Thornton Cayman Islands which she “grabbed with both hands”. She started as a Level 1 senior four years ago and is currently working as a senior manager.

Sehgal is said to have “superb technical knowledge”, which is a key attribute as to why she was picked out as someone who deserves to be selected and this has been demonstrated in her quick progression through the firm. Her ability to research and coach her teams on technical aspects are said to have singled her out as a leading member of the management team within Grant Thornton.

Her ability to provide clients with technical guidance, particularly on IFRS, is demonstrated in the feedback that they have given in the past and it has not gone unnoticed.

Here she describes the virtues of being in a close-knit industry, the many career paths that are open in it and how she expects captive formations to surge in the next few years.

Do you feel that the captive insurance industry is a rewarding sector to work in?

While it is true that the captive insurance sector is a niche of its own, it comes with its merits. It is a close-knit network which helps you showcase your talent and skills to the target audience. You feel valued and rewarded. Besides, the industry has a lot to offer in terms of skill that have global applicability which facilitates easy movement of individuals and helps you broaden your horizons.

Would you recommend the captive insurance industry to young people as a future career path?

The captive insurance industry is not limited to audit/accounting, instead it offers various career paths, including underwriting, claims management, risk assessment, compliance, and captive management. As an individual gains additional expertise and experience, the path to executive positions becomes relatively easier.

One of the advantages of working in the captive insurance industry are the opportunities to connect with professionals from diverse sectors, including risk managers, insurance brokers, and legal experts. Building a strong professional network can be beneficial for future career growth. It’s an evolving industry due to emerging risks, technological advancements, and regulatory changes.

Exciting opportunities arise regularly, making the captives industry an engaging and dynamic field to work in. I believe the sector as a whole provides various opportunities and options for potential growth.

How do you feel that the captive insurance industry will evolve?

In the next years, a notable surge in the formation of captive insurance companies, accompanied by an increase in premium written is expected. One of the significant drivers is the evolving landscape of the industry, particularly the escalating threat of cyber risks. As businesses grapple with the increasing and frequency and sophistication of cyber threats, they are seeking effective risk management solutions.

Captive insurance provides a compelling option for companies to address these emerging risks by providing tailored coverage and risk transfer mechanisms to mitigate cyber threats. Further, with the growth in businesses across borders, the captives industry provides a viable solution for managing these complex risks by centralising and streamlining programmes across various locations, enhancing consistency and efficiency.

Do you think that your long-term future remains in the captive insurance industry?

I believe the captives industry will remain relevant and continue evolving. The future prospects for any professional are pretty great with the technological advancements, market dynamics and emerging risks within the industry. Thus, I do want to continue my career within the industry and keep working on attaining additional experience and expertise within the industry.