Supporting your team benefits everyone

Leadership is about creating a collaborative and inclusive environment where everyone feels valued, says Nishad Lad of AM Specialty Insurance Company.

Nominated for Intelligent Insurer’s Leaders Under 40, Nishad Lad is head of data and software development at AM Specialty Insurance Company and we caught up with him to discuss his vision for addressing the challenges and opportunities that lie ahead within insurance.

Lad’s career in insurance began after he graduated with a Master’s degree in computer science from The University of Texas at Arlington, which paved the way for his initial role as a software engineer with AM Re Syndicate, a sister company of AM Specialty, in June 2020.

Today, Lad oversees the development and maintenance of a proprietary application essential for managing the company’s insurance programmes, policies, claims, and premium transactions.

“It’s like a one-stop shop for our whole business,” Lad observed. “Additionally, I ensure that the various departments in our company have the data they need to make informed decisions.”

Overcoming challenges

According to Lad, one of the most significant challenges in the insurance sector is “the lack of standardisation in the data that’s shared across different companies or even across lines of businesses”.

“This inconsistency makes it very tough to ensure smooth data exchange and accurate reporting,” Lad explained.

“It varies significantly from one company to another, making it difficult sometimes to integrate and analyse information efficiently.”

Balancing innovation with regulatory compliance presents another challenge. “Every new technology or process that we want to implement has to go through a rigorous evaluation to ensure it meets all the regulatory standards, but it is absolutely necessary to ensure data security and privacy,” he noted.

Seeing the rewards

Despite these challenges, Lad finds his work fulfilling.

“The most rewarding part of my career has been the ability to see the tangible impact of the solutions that we as a team have developed,” he shared.

Lad values the collaborative efforts of his colleagues.

“Being part of such a talented team and seeing our collaborative efforts lead to better efficiency and effectiveness across the organisation has been very fulfilling,” he said.

Lad is particularly excited about working on complex problems within the industry and “coming up with better and efficient solutions that will make a real world impact”.

“What really excites me is how the industry is always evolving,” he commented. “There are constantly new challenges and opportunities for innovation.”

“This industry is constantly evolving, offering a unique mix of challenges and opportunities.” Nishad Lad, AM Specialty Insurance Company

Modernising the industry

Lad is encouraged by the industry’s push towards digital transformation and the integration of advanced technologies such as artificial intelligence and machine learning. “This will open up endless possibilities for enhancing efficiency and creating value,” he said.

“It’s an exciting time to be part of this field.”

When it comes to leadership, Lad is clear on the qualities needed, saying: “Good leadership is all about inspiring and empowering your team to do their best. It’s about creating a collaborative and inclusive environment where everyone feels valued.

“Clear communication and setting a clear vision are key, but it’s also important to be adaptable to change,” Lad added. “A good leader recognises the strengths of their team members and gives them opportunities to grow and develop.”

Lad is enthusiastic about recommending the insurance industry to young professionals.

“This industry is constantly evolving, offering a unique mix of challenges and opportunities and with its focus on risk management and data analytics, it provides a solid foundation for a rewarding and dynamic career,” he said.

“There’s a lot of room for growth and learning, making it a great field.”

Looking ahead, Lad is committed to driving innovation within his company “by using advanced technologies to make our processes and services even better”.

“My goal is to keep enhancing our proprietary software to better serve our clients and support our internal teams more effectively,” he said.

“I hope to contribute to the industry’s growth and evolution, ensuring we stay at the forefront of technological advancements and continue to deliver great value to our clients.”

Watch the full interview here: