Ram Patel
Captive analyst
CIC Services
Personal bio: I currently live in Lenoir City, Tennessee, a town right outside of Knoxville. In my free time, I love to play golf, play competitive volleyball, and watch all University of Tennessee sports. In addition to sports, I have a passion for business and, most importantly, spending time with my friends and family.
Professional profile: I am a proud graduate of the University of Tennessee Knoxville, and have a degree in supply chain management with a minor in marketing. After college, I started my career in the consulting industry and gained valuable experience but realised I wanted to pursue a career with a more business or finance focus. This realisation led me to the insurance industry as a compliance manager.
How did you end up in the captive industry?
I was introduced to the captive industry by an uncle of mine who was a property and casualty agent. This sparked my interest, so I started doing some research to better understand the industry and what it entails. I was immediately interested when I found CIC Services. Some may think that not having specific industry experience would hinder them from being able to get into a field that interests them, but networking and work ethic go a long way. I convinced a manager at the firm that I was the right man for the job. I got the opportunity to show that I wanted to learn, and that I had a natural knack for numbers and business. The rest was history.
What is your impression of the industry?
The captive industry is innovative, fascinating, and very versatile. In this ever-changing worldwide economy, it becomes very important for businesses to manage and mitigate risks as best as possible. Over the years, the industry has adapted so that even small-medium businesses, rather than just Fortune 500 companies, can afford to create captive insurance companies, which opens countless doors for both small businesses and the captive industry.
What advice do you have for someone considering a role in the industry?
First and foremost, be ready to learn and adapt. The industry is still very new compared to other major industries out there, so it is constantly changing. It is a unique opportunity to be at the forefront of an industry like this. Your contribution today could shape its future. Ask questions, learn, and get involved beyond just your day-to-day responsibilities. I also think networking is incredibly important. You never want to go into any situation thinking you are the smartest person in the room. Take advantage of every opportunity to learn from somebody new in the industry or anybody willing to offer their perspective on business. These insights will inevitably help mould you into a very valuable asset for your company. It is not just about what you know, who you know is equally important. Lastly, do not be bound by what your college degree or previous experience says you should be pursuing. You can develop knowledge and expertise in any area if you have a passion for it and the will to learn. Captive insurance companies are eagerly looking for new talent. If you are business-minded, curious, and hard-working, it is worth taking a leap of faith!
Randy Sadler, principal, CIC Services “Ram Patel reached out to me and I was impressed by his energy, charisma, intelligence, and interest in captive insurance. CIC Services interviewed him and hired him straight away. He is brilliant, hard working and made an immediate impact on our business. He joined CIC Services as a captive analyst and began doing modelling work on captive programmes for prospective captive owners. He has helped CIC Services close more sales and deliver back-to-back record years. In his two years at CIC Services, he has already learned enough to be able to develop and present a captive insurance company strategy to a risk manager, CFO or business owner–and this is a complex sale. He is destined to be a leader in the industry.”
