Succession planning in the captive insurance industry can be easy, according to Les Boughner, chairman of Advantage Insurance.
Speaking at a session on succession planning at the Vermont Captive Insurance Association 2018 Annual Conference, Boughner suggested there were two main actions that were key to succession planning.
He said: “You look for the best-qualified candidate and one that fits within the culture of the company and not compromise between the two.”
“The only time I have failed in succession planning is when I’ve compromised one of those two.”
It is so important to ensure you populate the company with people who are engaged, fun and stimulating.
Bougher also noted that promoting based on potential was a best practice.
He explained: “If you’re building an organisation and you have an opening, you’re far better off to promote on potential when you have to.”
“If you put someone in a responsible position without the experience, it's extraordinary how often they grab it and do a fantastic job.”