FORTY under 40: Prabal Lakhanpal
Prabal Lakhanpal, senior vice president, Spring Consulting Group.
After graduating with a bachelor’s degree in business and finance in 2009, Prabal Lakhanpal held various financial consulting positions in New Delhi, India. He then moved to Boston and received his MBA from Babson in 2015. Babson alumni connections brought him to Spring Consulting Group as a consulting analyst shortly thereafter. The rest isn’t necessarily history, but his near-10 years at Spring have offered him tremendous growth and learning opportunities – in particular from Karin Landry whom he regards as a phenomenal teacher and role model. His responsibilities have grown and he is now the national captive practice leader at Alera Group (Spring’s parent company), directing a team of consultants and actuaries across the risk spectrum. He leads many of Spring’s most advanced client projects, with a focus on alternative risk funding.
How did you first become involved in captive insurance?
When I joined Spring in October 2015. Prior to that, I held several financial consulting positions, not risk management focused. At Spring, I was able to learn more about alternative risk financing and captive solutions. My mentor, one of Spring's founders, Karin Landry, was also pivotal in shaping my interest in captive insurance. As an industry veteran, she helped me get my foot in the door and learn the subject matter.
What are the greatest challenges of working in this industry, and what do you find most rewarding?
One of the best parts is the continuous innovation I get both to drive and witness. No two projects or clients are the same; a dynamic that keeps me engaged and excited. Captives are often referred to as the whiteboard of insurance, in that they yield seemingly endless and customised possibilities, and this problem-solving facet of my job is most rewarding. Further, my position has strengthened soft skills like active listening and communicating. I am grateful for the opportunity to be able constantly to learn from our clients and colleagues alike.
From my perspective, challenges revolve around continuing to build capacity, and talent as the industry grows at a fast pace. The growth is very exciting, developing a team that can continue to deliver high-quality work is a core area of focus for me.
Captives are often referred to as the whiteboard of insurance, in that they yield seemingly endless and customised possibilities
Would you recommend the captive insurance industry to young people as a future career path?
Undoubtedly. The industry offers great room for professional and personal growth, while providing intellectual engagement through avenues for innovation. Also the networking opportunities are fantastic, meeting experts, obtaining guidance and developing relationships have been instrumental in my journey so far.
I appreciate the breadth of opportunities within the landscape as well. Young entrants have a range of opportunities, including regulatory, risk management, actuarial, tax advisory, accounting advisory, consultancies and legal areas of practice.
It's no secret that the insurance industry trends older and more traditional in its demographics and practices, and that is changing. As such, I have been involved in the Captive Insurance Company Association's (CICA) NEXTGen committee, dedicated to the recruitment and development of young professionals in the captive 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 that Spring and Alera, and the ability to lead and guide in this capacity reinforces my appreciation.
What developments do you see ahead for captives?
In just the past few years, we have seen unprecedented changes in healthcare, regulations and risk management in the economy that have caused a ripple effect in the captive space. As we transition into a post-pandemic world and a hardened market, I believe self-insurance and captives will continue to be focal points as strategic risk management tools. Medical stop-loss placement and programme integration across benefits and property and casualty are two trends we are seeing on a significant upswing right now.
From a more overarching perspective, I expect we'll see a shift towards embracing greater embracing of technology. Technology, in particular AI, is an exciting new frontier for the insurance space in general and captives in particular.
Do you think your long-term future remains in the captives market?
I'm deeply committed to the future of the industry and eager to play an active role in shaping it. It’s been a great industry for me and look forward to being able to foster and welcome new talent to the space.
Click here to read Captive International’s third FORTY Under 40 2025 publication.
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