Insurance, which often has prevailing norms, isn’t renowned for being a risk-taking business. But that’s where Shivam Ashoka (pictured) differs.
The CEO of Panorama is focused on innovation and rethinking how the model works to better serve clients. He said: “We are a company on the rise, a force that’s breaking industry norms and empowering people at every level.”
With a background in finance and roles at various global institutions, including membership in the investment team at BlackRock, Ashoka used to be dismissed by some insurance insiders. They felt he lacked the gravitas to lead change.
“At first, I was underestimated in this industry,” he said. “I was labelled as ‘the private equity guy,’ the ‘money man,’ or just ‘the banker.’ They saw me as someone just passing through.”
However, over the past four years, he has shown that to be anything but the case.
Panorama delivers integrated, tailored, and fully vetted insurance services and strategies based on customers’ unique needs.
Ashoka has succeeded in positioning Panaroma as an agent of change, as the firm believes in championing talent and innovation. Acknowledging he was entering uncharted territory, he surrounded himself with a team to complement his dynamic leadership style.
Stanley Jablonowski, former COO of Acrisure, has been a mentor and advisor from day one. Also part of the journey was Ashoka’s business partner, Paul Hammack, who passed away in 2022. His wife, Elizabeth Hammack, maintains the momentum as Panorama’s general counsel.
“I have deep respect for the field I’m working to transform, and Stanley’s guidance has been essential – not only in navigating the industry’s complexities but also in ensuring that our innovations honor its foundational principles,” commented Ashoka. “The things we do now are also inspired by and stemming from Paul’s beliefs.”
Part of Panaroma’s progressive approach is the firm’s makeup. The issue is underlined by Jon Loftin, MJ Insurance’s president and COO, who shared with Insurance Business America last year his dismay at “how male, pale, and stale this industry is”.
Marlene Dailey, RSM US financial services senior analyst, commented, “Teams grounded in an inclusive culture are more adept at navigating shifts in market trends and consumer preferences. Embracing this method nurtures inventive thinking and bolsters the company’s competitive stance.”
A 2023 report from the Insurance Industry Charitable Foundation showed that women hold 12% of the industry’s C-suite positions. While US Bureau of Labor Statistics data shows Black or African American individuals represented only 11.8% of insurance sales agents, with Asian Americans representing 4.1%, and Hispanic or Latino individuals 16.5%. These proportions are similar across other industry roles.
Panorama stands out for its remarkable progress reflected in the following:
Creating a diverse workforce was only the first step. Ashoka has eschewed a hierarchical approach and is hands-on, ensuring innovation is at the heart of all the company’s operations.
He added: “In an industry where tradition often prevails, my role is to challenge that norm – constantly assessing our operations and implementing strategic shifts to keep us agile and responsive to our clients’ evolving needs.”
While some CEOs prefer to remain distant from the shopfloor, Ashoka strikes a compromise between being alongside his staff, but also remaining alert to new innovations and moving the firm continuously forward.
“By balancing strategic oversight with operational involvement, I ensure that Panorama doesn’t just talk about transformation – we actively embody it,” he said. “Historically, people often stumbled into this industry by chance rather than choice. But we’re here to change that – building a landscape where the best talent actively chooses to enter and shape the future of insurance. It’s about creating a field that people see as innovative, impactful, and worth investing their careers in.”
Ashoka is focused on leading Panorama as a full-service insurance intermediary providing customized property, casualty, health and benefits solutions for both businesses and individuals nationwide – “covering you and your business from every angle” – now and in the future.
For more, visit Panorama360.com.
