June 18, 2024
Deepak H. Dave’
Woodbury, New York-based vice president, sales, SterlingRisk
Jericho, New York-based vice president, GP Insurance Agency
The commercial insurance market has continued to show volatility. Some sectors have seen decelerated price increases, while other coverage segments are seeing double-digit rate jumps. Considering these inconsistencies, the commercial insurance landscape will remain challenging in the months ahead. I believe that as we move into the second half of the year more favorable conditions will present themselves. Yet, some coverage segments, including property and auto, will remain difficult to navigate.
My goals are to increase sales revenue and significantly improve client retention and satisfaction. With the newfound support and resources at SterlingRisk, I am better suited to provide personalized insurance solutions and exceptional post-sales support, fostering long-term client relationships.
In the upper middle-market space, we are faced with a myriad of challenges including an evolving regulatory landscape, continued economic uncertainty, competition and market consolidation, client expectations and customization, and talent acquisition and retention.
One of my first experiences in the insurance field was with a small food delivery company based in Long Island City, New York. When I started working with them, they had about 10 employees in a warehouse, aiming to deliver ingredients and instructions for cooking gourmet meals at home. I helped them manage various risks as they grew, and it was rewarding to see them eventually go public on an overseas stock market. The experience taught me a lot about the insurance needs of emerging businesses and the value of strong client relationships.
Be curious and always eager to learn. The industry is complex and ever-evolving, so staying informed about the latest trends and regulations is crucial. Build strong relationships with mentors and colleagues, as their guidance and experience can be invaluable. Also, focus on understanding the specific needs and risks of your clients, as personalized service is key to success in this field. Lastly, be patient and persistent – building expertise and trust takes time, but it’s well worth the effort.
My dream job outside of the industry would be racing factory-backed race cars at Le Mans. I’m particularly interested in the pro-amateur racing series that allows amateur drivers to be paired with manufacturers for a full racing season. The thrill of high-speed racing, the precision and skill required, and the opportunity to compete on one of the world’s most iconic tracks would be an incredible experience.
I chose to dive straight into the business world instead of attending college. This decision allowed me to gain invaluable hands-on experience in multiple fields. I had the unique opportunity to learn not only about insurance but also real estate development and small business operations. This practical experience has been instrumental in shaping my career and providing me with a well-rounded skill set.
I am excited about the opportunity to connect with a more diverse set of clients and help them navigate their insurance needs. Building strong relationships, staying ahead of industry trends, and continuously learning are all aspects that I find particularly rewarding.
My favorite meal must be buffalo wings. I was a vegetarian until I was 21, but that changed when I was living in Texas. The first time I tried meat, it was buffalo wings, and they immediately became my favorite. There’s just something about the flavor and the experience of eating them that I love.
“Atomic Habits” by James Clear. It offers practical strategies for forming good habits and breaking bad ones, emphasizing small, incremental changes. The book’s focus on continuous improvement and effective systems resonates with me both personally and professionally.
One of my main hobbies is cars. I come from a multigenerational family of automobile enthusiasts. The passion began with my father when he arrived from India in the early ‘70s and has been passed down to my three sisters, me, and all our children. There’s something incredibly exciting about the sound of a flat-six engine and vibrant colors like “speed-yellow” and “cardinal red” that truly captivate me.
My favorite TV Show is HBO’s “The Wire.” It’s a compelling crime drama set in Baltimore that explores the complex relationships between law enforcement and various institutions of the city. The show’s realistic portrayal of urban life, and its deep multifaceted characters make it a standout series.
Watch Formula 1 qualifying with my two boys.
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.