Prabal Lakanpal
Management consultant
Spring Consulting
Personal bio: I was born in New Delhi, India, where I spent the first 25 years of my life. I moved to Boston to pursue my MBA and have lived there ever since. Outside of work, I travel frequently and try to stay on top of the latest news in the financial services industry. While that may sound like work, I have always had an interest in the financial and economic markets, and making connections between major industry news and my everyday life.
More recently, I’ve found myself wanting to learn more about art, and I am trying to learn about the space in a structured manner. Admittedly, I am in the nascent stage of my learnings. I know I have only scratched the service, so I’m excited about further exploration.
Professional profile: I completed my bachelor’s degree in business and finance from the University of Delhi and then went on to pursue an accounting degree while interning and working at various certified public accountant firms. From there, I went on to work for a financial consulting firm, which helped me better understand business and operational strategies. It also helped me learn more about myself—I realised that I relish client-focused consulting roles. While this combined experience was not directly related to risk management, it formed the building blocks for my journey in the consulting arena and taught me to look beyond the numbers to develop sustainable solutions that meet client needs.
To build on this skill set, I decided to pursue an MBA, for which I came to Boston. Boston was my city of choice for it is a hub filled with financial services opportunities. After finishing my programme, fate played its part. As part of my outreach to Babson College alumni in an effort to build a network in Boston, I connected with Karin Landry, manager, partner of Spring Consulting Group. In a sense, the rest is history. I quickly became immersed in the benefits and captive consulting world.
How did you end up in the captive industry?
During and after my MBA, I was actively connecting with fellow alumni and connected with Karin as part of my outreach. Spring, at the time, was looking to bring in someone at an associate level role on the captive consulting side. Karin felt that my education and experience in finance and accounting, along with my work in the financial consulting space was a solid foundation for me to take on the captive space. It was the right time, right place sort of situation.
What has been your highlight in the captive industry so far?
There have been many thrilling moments during my time in this industry. A recent one that comes to mind is being selected by the industry as an emerging talent for professional services. It is always special to be recognised, but even more so when it is being done by industry peers and people you look up to professionally. It made all the long hours and hard work worth it!
What/who have been your influences in the captive industry?
Numerous individuals in the industry have had a lasting impact on me. Karin Landry at Spring has been a great mentor and teacher—helping me develop a path for myself in the industry. Dan Towle, the president of the Captive Insurance Companies Association, has been a phenomenal advocate for the industry and I strive to emulate his ability to bring together various stakeholders to make effective decisions. Jason Flaxbeard at Beecher Carlson is another person I admire for building lasting relationships with clients and colleagues and integrating his different networks.
What is your impression of the industry?
I find the industry to be exciting and dynamic. One where we have the opportunity to make a real impact both for organisations and individuals. Developing solutions for unique problems is challenging and engaging. One of the most important components of this industry is the people, who always make themselves available to help, and are open to creative ways of thinking and problem-solving.
What are your aspirations for your career in the captive industry?
I’ve learned that time and exposure are the best ways to get ahead in the captive industry, so I know that more experience will continue to bring me down a fulfilling path. I also am continuing my education by studying for an associate in Associate in Captive Insurance. Beyond that, I would like to take on more leadership roles within the field, such as speaking opportunities and workshop facilitation. I think one of the most exciting aspects of the captive industry is its everchanging nature, and one of the biggest ways I can add further value for clients is to gain greater competence in tax and insurance law, so that I can be a better help to clients trying to navigate nuances of recent captive court cases. Lastly, since I have been lucky to have my own mentors in this space, I hope to serve as a mentor for someone just starting out with captives.
What advice do you have for someone considering a role in the industry?
The industry is ideal for someone who is intellectually curious. My advice would be to not be scared to ask questions because that’s the only way to learn. Also, no one in the industry is an expert on everything; everyone’s constantly learning. It is a relatively small industry and people remember their good and bad experiences, so leave a good impression. Ensure that you follow up and follow through on your commitments. People have to be able to trust you will deliver on your promises.
Karin Landry, Managing partner, Spring Consulting Group “Prabal has been a part of the Spring team for four years now, and I have seen him evolve and grow a great deal since I first met him. During that time he has gone from a consulting analyst to a consultant, to a senior consultant, and all of these moves have been well-deserved. Prabal is reliable and incredibly hard-working, but he is also innovative in his thinking. He has quickly become an expert in the captive insurance and employee benefits spheres and is a trusted advisor to our clients. He interfaces with large, multinational corporations daily about complex issues and does so in both a friendly and professional manner. He frequently sends regulatory or industry updates around the office, making sure we are all as informed as he. The bottom line is that our clients love working with Prabal, and we love having him on our team, from a cultural perspective and a business perspective.”
