CICA youth committee head joins board

The Captive Insurance Companies Association (CICA) has appointed Prabal Lakhanpal to its board of directors. Lakhanpal, vice president of Boston-based Spring Consulting, already chairs CICA’s NEXTGen Young and New Professional’s Committee.

“The captive industry is growing and changing rapidly. As a result, what the industry needs and what today’s young professionals want is evolving. It’s important for CICA to hear the perspectives of our young professionals because they are our future,” said CICA president Dan Towle.

CICA board chair and BevCap Management CEO Lance Abbott added: “Having the NEXTGen Chair on the Board has helped us to make sure we are incorporating strategies that support career development and are appealing to young professionals when we are creating conference content and other programs.”

Lakhanpal has been in the captives industry since joining employee benefits and risk management consultancy Spring in 2015. He works on strategic and innovative alternate funding initiatives related to employee benefits and P&C programs.

Before joining Spring, Lakhanpal worked in various finance and operational roles across the globe, including as a consultant for NSTAR (now Eversource Energy), New England’s largest energy provider. At NSTAR, he established data models to define the market size for heat pump technology in Massachusetts.

“I am thrilled to be joining the CICA Board and to work with CICA and its stakeholders to help advance the captive industry,” he said. “I am grateful for the opportunity and appreciative of CICA’s commitment to developing the next generation of captive professionals and leaders.”

CICA is the only domicile-neutral captive insurance association in the US. The NEXTGen initiative was launched in 2019 “to bring the voices of young and new professionals to the planning table to advise CICA on providing the education and networking”, according to the association.