“Lifting Out” or “Bolting On” Talent
A dynamic within the recruiting world, which has gained considerable momentum in the last few years, is the concept of “Lifting Out” or “Bolting On” talent.
A Lift Out involves hiring a team of people to underwrite a discipline that the company has either not previously or satisfactorily addressed. This team will normally form its own practice within the company.A Bolt On is usually the addition of niche underwriting expertise that is added to an existing practice at the company.
In either case, considerations of strategic direction, cultural fit, and historic performance on both sides, are critical to a successful solution.
From the standpoint of the team involved, the normal considerations of an enlightened management, and possibly a better-known or higher rated carrier are factors that normally enter into a decision to make a change.
The factors needed for a successful Lift Out or Bolt On are:
A clearly defined niche in which the team has considerable experience.
An historically documented track record of profit performance and volume attainment.
The right people – possessing:
Leadership and technical skills, an ethical reputation, a knowledge of the markets, an access to a clearly identified distribution channel (or channels), and a willingness on the part of this distribution to supply substantial business – in short, a market following.
Conclusion – Call To Action:
- As a Company: if you have identified a line business into which you would like to expand, or
- As an Individual (who could lead a team) if you are less than fulfilled in your current position