He joined the industry after he was fascinated by its “intellectually testing” nature that involved people and relationships. Now, with around a decade of insurance experience, senior underwriter Bhavik Desai is one of the most important contributors to his company’s success.
After working at
AIG for six years, Desai joined Markel in 2013 as a professional indemnity underwriter, tasked with developing the firm’s business in the London and Lloyd’s markets, across a range of professions and geographies.
Since joining the insurer a few years ago, Desai has successfully re-engineered Markel’s IFA book to create a profitable, sustainable portfolio, while leading the development of the firm’s commercial combined general liability policy and broadening its distribution and cover-holder relationships.
In recognition of his efforts, Desai was named among the
Insurance Business UK Young Guns in 2016, the same year when he was appointed to head Markel’s professional indemnity business.
“Careers are long and the grounding you get early on will set you up for the rest of your career,” Desai gives this advice to newbie insurance professionals as he reflects on his career to date.
How did you get into the industry?
After graduating from University I was looking for a career in finance. I joined AIG in a credit controller roll and then its graduate programme shortly after.
What personal or career milestone are you most proud of?
Birth of my son, although I’m not sure I did the hard work.
What’s the strangest thing you’ve ever arranged cover for?
I wrote a policy for a consultant that effectively counted badgers for the National Trust.
What is your personal goal for 2017?
The Three Peaks Challenge (climbing the highest mountains in England, Scotland and Wales for charity).
What is the biggest issue affecting the industry right now and how is your company dealing with it?
I think technology has the ability to fundamentally change the way in which the market operates. I wouldn’t underestimate the first mover advantage and the few that get it right could create a stranglehold on certain segments of the market.
At Markel we have a dedicated innovation team specifically looking at technology, innovation and alternative distribution channels. We are looking to stay one step ahead of our peers by thinking a little differently, so watch this space.
How would you change the industry?
I would see to improve underwriting and broking standards, similar to other professions, by imposing minimum qualifications. I feel standards need to increase across the industry.
Who is your role model?
Chris Gayle, self-proclaimed “universe boss.” What more is there to say?
What’s the best life lesson you’ve learnt?
The more belief you have in something the more belief people will have in you
What’s the best advice you’ve been given?
Never underestimate the power of a good pause. Think hard about what actually makes you happy and strive to get there in all aspects of your life.
What do you do outside the industry?
I play hockey for a local team and enjoy all things outdoor
Complete this sentence: If I wasn’t in insurance, I would be…
A professional golfer, subject to talent……
If you were Prime Minister for one day, what would you do?
Arrange for more vocational training earlier in schools to provide a clear career path for those that do not want to follow the traditional education route.
What advice can you give to newbie insurance professionals?
Don’t strive for short term gains in title and remuneration, think of the long term. Careers are long and the grounding you get early on will set you up for the rest of your career. Choose an employer who supports your development, imparts knowledge and allows you to grow your market profile.
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