Deepak Adappa on Overcoming Challenges and Building Strong Relationships in Risk Management

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Deepak Adappa, Managing Director, Head of South Central FINPRO, Marsh, and a 2024 Technology Power Broker winner shares below.
Risk & Insurance: In which commercial lines are your clients struggling to put together adequate coverage?
Deepak Adappa: The commercial marketplace continues to remain favorable in the management liability lines of coverage.
The key area where clients are struggling to get adequate coverage is for wage & hour insurance. This has historically been a more limited marketplace that is almost exclusively handled via the Bermuda insurance community. The Bermuda marketplace has seen significant loss activity on a relatively limited pool of insureds that currently purchase this coverage. As such, the environment for W&H has become more challenged during a time period where most of our insureds have a high, and often uninsured, exposure to this type of loss.
Although not an area of “struggle,” I do also remind all my clients that a softer marketplace is the best opportunity to expand the coverage terms and conditions. I would encourage all insureds to truly take a fresh look at their policy form and identify the top opportunity areas for coverage improvements.
R&I: On the claims side, what’s working well and what’s not?
DA: The claims process works best in situations where there is a pre-established working relationship between all parties. The management liability coverage lines tend to be low frequency but high severity from a loss standpoint. Recognizing that, we find it to be beneficial for insureds to meet with their carrier claims teams prior to any material loss activity. That helps to align all parties and establish a direct relationship with the senior claims colleagues at your partner markets.
R&I: Where do you see generative artificial intelligence making a difference in your team’s work?
DA: We are in exciting times as it relates to the use of generative AI. Saying that, it is also very clearly the early stages of where AI is having an impact on our business. Our team has found ways to use AI as a great research tool. It can help to identify specific risk contemplations for an individual insured and/or a broader industry class.
AI is also extremely helpful in drafting of content and emails. With a recognition of how to draft strong prompts, we have seen quality content being produced with a higher level of efficiency.
At this stage of the process, I would still note that it is highly critical that all AI generated content is heavily reviewed by humans and fact-checked thoroughly.
R&I: What advice would you give to a younger person that is seeking to break into this industry?
DA: We are still a relationship business regardless of how much technology is brought into our daily lives. It remains critical for our younger colleagues to grow their personal networks. This includes finding mentors who can help to navigate both client and career challenges. It also includes forming bonds with peers. Many of the people I met during the first five years of my career are still extremely critical to my professional development today.
Lastly, young colleagues should not simply rely solely on training provided by their employer. Take the initiative to be a curious learner and develop your skill sets in ways that you feel are best to round out your personal brand. &