PRABAL LAKHANPAL

After graduating with a Bachelor’s degree in business and finance in 2009, Prabal Lakhanpal held various financial consulting positions in New Delhi. He then moved to Boston and completed his MBA from Babson College in Boston in 2015.

It was through his associations with Babson alumni that he was able to join Spring Consulting Group as a consulting analyst shortly thereafter. According to Lakhanpal his nearly eight years at Spring have offered him tremendous growth and learning opportunities. Over time he has been fortunate to work with a great team and take on more responsibilities at Spring. Currently, he is senior vice president and leads many of Spring’s most advanced client projects.

Lakhanpal was described as being an up-and-coming talent in the captives industry, continually demonstrating exceptional technical knowledge and as an emerging leader. Others added that at a young age, he has made a name for himself in the captives industry and that his ability and willingness to learn every in and out of a captive programme knows no boundaries.

Here Lakhanpal tells what makes the captive insurance industry so dynamic to work in, why he’d recommend a career in it and how in recent years it’s seen some unprecedented changes.

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

Definitely! One of the best parts of working in this sector is the continuous innovation I get to both drive and witness. No two projects or clients are the same, a dynamic that keeps me engaged and excited. Our team often refers to captives as the whiteboard of insurance, in that they yield seemingly endless and customised possibilities, and it is this problem-solving facet of my job that is most rewarding.

I have had the good fortune to work with clients that have challenged me and helped me grow and evolve as a professional.

Being able to introduce the non-traditional world of captive insurance to organisations who are open to new ways of think is particularly stimulating, as is having a hand in the future of the captives industry. For example, I was able to play a key role in helping a client with its Department of Labor (DOL) prohibited transaction exemption filing for its captive after working directly with the DOL in creating a new process for approving applications for benefits captives. This work was a huge win not just for the client but also for the sector at large.

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

Undoubtedly. The captives industry offers great room for career growth, personal growth, and avenues for innovation. Although I started my career in finance and accounting, I have enjoyed being able to work in the captives space where we bring together finance, accounting, tax, legal, benefits, risk management. It’s so rewarding to be able to bring together all of these subject areas. In addition, the networking opportunities are fantastic; meeting experts, obtaining guidance and developing relationships have been instrumental in my journey thus far.

It’s no secret that the insurance industry trends older and more traditional in its demographics and practices, but that needs to change. I have been involved in the Captive Insurance Company Association’s NextGen Committee, dedicated to the development of young professionals in the captives space, so that as an industry we continue to have a future-focused mentality that includes the best and brightest talent.

Finally, I strive to serve as a mentor for colleagues who join the team at Spring and Alera, and the ability to lead and guide in this capacity reinforces my love for the job.

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

In the past few years we have seen unprecedented changes in healthcare, regulations, and the economy that have caused a ripple effect in the captives space. As we transition into a post-COVID-19 pandemic world and a hardened insurance market, I believe self-insurance and captives will continue to be focal points as strategic risk management tools. Programme integration across benefits and property and casualty (P&C) is a trend we are seeing a significant upswing in right now.

While not new, tricky risks such as climate and cyber on the P&C side have yet to be solved for, and I anticipate innovations in this space in the coming years.

From a more overarching perspective, I expect we’ll see a greater embracing of technology. With AI and ChatGPT dominating headlines, only time will tell if and how these or other technologies such as blockchain will change the face of risk management. A lot of good work is being done by many organisations in this space and I can’t wait to learn more.

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

With every new project that takes it to the next level, I am convinced that there is no real limit to the ways captives can help solve both micro and macro challenges. I am invested in and excited about the future of the industry, and very much want to have a role in that—so yes, I will be here to see it all play out.