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Winning this award was no small feat. The recipient had to showcase substantial contributions to their firm’s business strategy, staff wellbeing, career progression, inclusivity, commercial innovation, and organisational processes, with their exceptional drive and positive influence marking them as a true leader. We sat down with Nav to discuss what this win signifies for both him and Carbon Underwriting:

What does winning the MGAA Rising Star Award mean to you and Carbon Underwriting?

I was incredibly honored and humbled to be recognised by the MGAA as its Rising Star for 2024, and being selected from such a talented shortlist makes this award even more meaningful.

It is my belief that every member of a startup team is like a superhero. At Carbon, we’re rewriting the rules and building a tech-driven future for insurance, so I view this award not just as a personal accomplishment but also a testament to the collaborative spirit of the Carbon team. Together, as passionate change-makers, we are actively shaping a vibrant and innovative insurance landscape.

How important is this type of recognition in attracting and motivating young talent in the insurance market?

The MGAA Rising Star Award is pivotal in attracting and motivating young professionals to pursue careers in insurance. These awards help highlight the exciting opportunities and potential for impactful growth within the sector, as by celebrating young talent, they convey a powerful message: contributions are valuable and fresh perspectives are essential. This recognition encourages future generations, whether inside or outside the sector,  to explore the insurance industry’s potential and embrace its rewarding, transformative career paths.

What are your thoughts on the insurance industry’s future?

There is no denying that the insurance sector is currently undergoing rapid change. While advanced technologies such as AI are attracting a lot of attention and driving progress, the key to true innovation lies in understanding and enhancing user experience.

However, it’s important to get the fundamentals right first. While streamlining cumbersome processes through digitisation is important, it’s only the first step.  The real innovation lies in creating user-centric experiences that are intuitive, responsive, and genuinely cater to customer needs. Many platforms and insurtech companies are simply converting spreadsheets to websites, with better interfaces, but are ultimately delivering a rather lackluster core experience.

To remain relevant, we need to develop an insurance landscape that caters to the demands of today’s more savvy, digital consumer. 

How can young, up-and-coming insurance professionals leave a positive impact on their organisation and the sector as a whole?

It is important to embrace your natural curiosity and be eager to delve deeper and understand the “why” behind every process and concept. Only by asking these questions, no matter how simple they may seem, can you pave the way to valuable insights.

Another way to find inspiration is to look beyond the realms of insurance and go further afield to look at other industries for creative solutions. By conducting some peer review research, you are able to learn from their successes, and then anaylse if these methods can be applied in an innovative, relevant way to insurance.  Knowledge-sharing across industries is a powerful driver of progress.

In today’s technology-driven world, a basic grasp of programming languages like Python is increasingly valuable. It can greatly empower you in areas like automating tasks and analysing large data sets, similar to the dominance that Excel knowledge once held. With the fast pace of change in insurtech is more important than ever to stay relevant, as technology is key to progress. 

What would you tell individuals who are considering a career in insurance? 

While insurance wasn’t always seen as the most appealing career choice, the landscape has rapidly evolved, making it a far more attractive field. The rise of innovative technology has opened up exciting job opportunities, transforming the industry. Now, the next generation can view insurance as a promising career path that offers the chance to make a positive impact.

For problem solvers, those who thrive on overcoming complex challenges, and individuals with an analytical mindset and an interest in new technologies like AI, the insurance sector presents a wealth of opportunities. From developing advanced models for risk assessment to designing individualized customer journeys, the possibilities are vast and the challenges invigorating.

It’s incumbent upon those currently in the insurance industry to actively showcase the diversity and positive impact of insurance careers. We should encourage new talent, fresh perspectives, and creative problem solvers who will be essential in shaping a future of better, more user-centric insurance experiences for all.