Backed by more than 25 years of experience in the quick service and fine-dining industries, Alka Manaktala (pictured) has made her mark in the restaurant insurance space. A former fast-food franchisee, Manaktala is now the vice president of IOA Insurance Services and has written coverages for over 600 restaurants.
Insurance Business had a brief chat with Manaktala to get to know more about her experiences and career. In this exclusive Q&A, she shares the most challenging issues facing the insurance industry from her perspective.
IB: How did your insurance career journey start and what led you to this path?
Manaktala: It started in 1995 and since I had worked with top hotels and top airlines in other countries, I wanted to pursue a career where I have interaction with different people every day. I knew I was good in sales so I thought of this career path.
IB: What do you like the most about your current organization? What makes it different from other firms in the same space?
Manaktala: I love working for IOA as the top management believes a lot in family values. They are a very honest and generous company to work with. It is very different than the last agency I had worked for.
IB: Please tell us briefly about your role in your company.
Manaktala: I am a vice president and have an account executive and an account manager who work on my accounts exclusively and one more account manager I share with another producer. My main role is to bring in new business and make sure my clients are being taken care of.
IB: What is the most fulfilling aspect of your work in the insurance space?
Manaktala: When I can get the best results for my clients in way of competitive pricing and providing excellent service.
IB: What do you think are the most challenging issues facing the insurance industry and your line of work today?
Manaktala: Competition from fly by night carriers, and/or programs.
IB: Do you believe that a glass ceiling exists and hinders women from getting opportunities in the insurance space? What should women do to break through?
Manaktala: I really don’t believe that as I am a living example of being a successful minority woman in this field.
IB: What’s the best piece of advice you’ve received in your career?
Manaktala: Always put yourself in your client’s shoes before making any decisions.
IB: Is there something about yourself that you are working on improving?
Manaktala: To be more organized and keep my pipeline filled with prospects.
IB: What do you think a stranger would remember most about you?
Manaktala: They never think that we have never met before. I can talk to anyone on any topic and make them feel comfortable.
IB: If you were not working in the insurance space, what would you be doing now?
Manaktala: I would be a consultant but I have no plans of doing that as I want to grow old and gray working at IOA.
Alka Manaktala was recognized as one of the winners for the Top Retail Insurance Brokers in the USA. Read the full report here.
