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Prabal Lakhanpal joined Spring Consulting Group in 2015 after completing his MBA at Babson College in Wellesley, Massachusetts, beginning as a consulting analyst. He then advanced to consultant, then senior consultant and finally to his current role as vice president. Previously, he had worked for financial consulting firms where he focused on the tactical aspects of client work such as tax and accounting. He made the move to consulting to be more client-focused and involved in the strategic aspects of the work.
What is the biggest challenge of working through the pandemic?
A lot of clients today are having to rethink their insurance programs, their insurance structures, their risk framework altogether, as markets on both sides — property/casualty and employee benefits — begin to harden. We are focused on helping clients think through how they can leverage alternate risk-funding techniques and helping them re-think the impact of their changing environment on their risk framework.
What advice would you give to someone starting out in the business?
To me, the learning curve has been the most exciting piece of the business — that’s what keeps me engaged. Always have an open-minded approach to the business. Don’t be set in your ways. It’s very easy to come into the business, spend the first couple of years learning and then want to do the same thing over and over again.
What should the industry do to attract more young people to work in it?
Insurance traditionally has not been something that is considered sexy. The more you learn about the industry, the more you realize how much insurance is more than just placing coverage.
All-time favorite movie?
“Ocean’s Eleven” — remake (2001).
What is your favorite meal?
Butter chicken with garlic naan — a traditional Indian dish. It’s my comfort food.Click here to read more