Recruit future leaders – and fight to keep them: VCIA panel

Captive insurance companies and all businesses associated with the industry must not just recruit and attract talent but must also fight to retain it in the face of stiff competition. 

That was the message from a discussion panel entitled ‘Attracting & Energising New Leaders’ at the ongoing Vermont Captive Insurance Association’s 2024 conference in Burlington Vermont. 

Headed by Heather McClure, general counsel and chief risk officer at Helio Risk, and Heidi Rabtoy, chief examiner of the State of Vermont’s Department of Financial Regulation, the discussion group engaged members of the audience in a wide-ranging session that aimed to strategize how to recruit and guide the next generation of captive insurance leaders through effective practices. 

The panel pointed out that the younger generation of recruits is much more comfortable with new technology like artificial intelligence (AI) than the older members of the industry, and that it was important for the latter to understand how useful technology like ChatGPT and other forms of AI, as well as websites like LinkedIn, are being used. 

The panel and audience also talked about how much companies are networking these days – is this happening via electronic meetings or conferences, or a combination of the two? 

The importance of conference participation was discussed, along with the role that mentorship can play in getting younger staff engaged in events and passing on tips and tricks, especially as those staff might not have had the opportunity to speak to people & engage previously. 

The discussion group also agreed that training is vitally important now, as a growing number of veterans are retiring & taking their knowledge with them, creating an urgent need to replace them.  

As a result, the group agreed, succession planning is increasingly important – but are companies putting this into place correctly? Do companies have adequate succession plans and are these plans being updated? Are these plans being examined over the long to medium term? If someone is five years away from retirement, who will replace them? Are they being trained / honed / prepared? All these aspects need to be reviewed. 

Rabtoy pointed out that regulators want companies to look at succession plans, to talk to people about this and get thinking about it. More people talking about it than before, but more work required on this, she said. 

McClure pointed out that some executives regard themselves as indispensable and as a result some don’t want to think about retiring or being replaced and so are not looking at succession plans properly. 

The panel concluded with McClure stressing that one of the best ways of attracting talent into the industry was for conference attendees to be missionaries for the captive insurance industry – to go forward and spread the word. 

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.