P&C Carriers Face Leadership Crisis Unless They Start Succession Planning Now
The P&C Specialist article, “P&C Carriers Face Leadership Crisis Unless They Start Succession Planning Now," quoted Russell Reynolds Associates Consultant Limore Zilberman on why next generation insurance leaders should be agile, flexible and adaptable. The article is excerpted below.
An exodus of Baby Boomers from the P&C industry may leave companies scrambling to fill executive and managerial positions, unless they start preparing for the transition now.
With advancements in areas such as artificial intelligence and robotics, employee skill sets are different than those of previous generations. That could mean hiring younger talent to fill those roles, or recruiting experienced talent from businesses outside the P&C industry.
Meanwhile, there is also a need for strong generalists to become P&C leaders, says Limore Zilberman, leader of the global insurance practice at the executive search firm Russell Reynolds, who is based in Chicago. Historically, those in the P&C industry have been "groomed to be specialists, with a narrow lane of expertise."
Instead, the P&C industry needs to “groom internal talent to be broader generalists” so they can “embrace transformative change and also protect the core of the business,” Zilberman argues.
P&C companies need to identify potential leaders who are agile learners, flexible in their thinking, multidimensional and adaptable, she says.
Zilberman suggests establishing a rotation program so potential leaders are exposed to more areas of the company. For example, an up-and-coming finance executive could do a stint in the underwriting department so they learn to think of the enterprise as a whole. “You’re not just a cog in a wheel,” she adds.
Exposing employees to different departments also helps to break down silos and cross-pollinate talent, Zilberman says.
These training and development programs can help P&C insurers attract and retain employees, she says. While companies work hard to glean new customers and keep them, not enough emphasis is put on attracting and training top talent.
Part of the challenge remains “how to make insurance the industry of choice for the next generation of talent,” Zilberman says.
Millennials also are less hierarchical than previous generations and typically like to work in group settings, Zilberman says. They tend look for employers that offer such benefits as the opportunity to work remotely and work flexible hours.
“Everybody is vying for the same type of candidate,” Zilberman says.
To read the full article, click here.