“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.
On the company side, the considerations are a desire to grow, make a profit, and enter a new line of business that can be synergistic with their current offerings. Depending on the eventual size of the practice, factors of scale can also enter into the consideration.
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
volume attainment
The right people
leadership
technical skills
reputation
ethical
knowledge of the market
market following
clearly identified production plant
the willingness of this plant to supply business
Conclusion – Call To Action:
- As a company if you have identified a line of 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 -
Please contact us directly to discuss this approach.
Current situations where we are in search of team leadership, or specific niche capabilities,
are detailed in our current opportunities section.