My wife and I founded Jimcor Agency, a managing general agentand insurance wholesaler, in 1986. We realized the importance andnecessity of succession planning to the longevity of our companymany years ago, and we realized it would be a process rather thanjust a short-term fix. Ultimately, our current plan was based oninput from numerous sources, including management courses, AAMGAUniversity educational offerings and the knowledge of our executivestaff. Over the years, it became part of our regular strategicmeetings, and through that process, our plan came together.

We knew succession planning would be crucial for the continuityof a variety of senior positions. The key areas we recognized wereexecutive and key management positions, as well as seniorunderwriting staff who would be looking to retire in the future.They possess a wealth of knowledge and connections that needs to bepassed to younger employees.

Ongoing professional development and education has been acentral part of our succession plan. Besides on-the-job training,newer managers know we have an open-door policy with our executivestaff. When they come on board, they are assigned a mentor on whomthey can rely for assistance. We use outside training classes forthe more formal/classic leadership instruction, and we also performin-house training sessions via webinars.

Over the past several years, we have recruited moremillennials. The key to working with them is understanding thatthey are fast paced, make more use of social media and look atopportunities and challenges in unique ways that offer additionaloptions.

Especially during soft insurance cycles, it can be challengingto move millennials along their careers paths at a faster pace, inaccordance with their expectations and ours. Fortunately, we arenow able to promote millennial employees from within, which givesthem ample opportunity for advancement and ensures continuity atthe agency.

At this point, our succession planning has been part of ourcompany culture for several years and it has become an integralcomponent of our operations as we continue looking forward. Thisplanning ensures the future of our agency, both for our employeesand for the insurance markets with whom we have developedlongstanding relationships. They trust us to be available tounderwrite and bind their business for years tocome.

Related: Read “SimplifySuccession in 3 Steps“