???? Key Criteria for Selecting New Executive Board Members in the Insurance Industry ????
Thorsten Kocherscheidt
Partner | Global Head Financial Services | CEO & Board Practice | C-Level Executive Search | Executive & Team Coaching (ICF PCC & ACTC, EMCC SP & ITCA) | Coach Supervisor
I frequently get asked what the qualifying criteria would be or what is missing in a CV before positioning for such a role.
The insurance and insurtech industry is evolving rapidly, and companies need exceptional leadership to navigate the changing landscape. This is obviously related to changes on the customer demand side but also in general aspects like ESG, DE&I, further Digitization, Partnering, and obviously generative AI.
Additionally, elements like Culture Shaping, Organizational Resilience, and Digital Leadership are important in order to create or maintain the right work environment and position the company effectively in the fierce labor market.
Selecting the right executive board members is crucial for sustained success and growth. To make the best choices when seeking new board members, here are some key criteria to consider:
1?? Industry Expertise: Look for individuals with a deep understanding of the insurance industry, including its challenges, trends, and regulations. They should possess a track record of success within the sector and have demonstrated the ability to anticipate and adapt to market dynamics. Industry experts bring invaluable insights and can contribute to strategic decision-making.
2?? Strategic Vision: Seek candidates who can envision the future of the insurance industry and identify opportunities for growth and innovation. In a rapidly evolving landscape, leaders with a strategic mindset are essential. They should be able to think critically, analyze complex situations, and formulate effective strategies to drive the organization forward.
3?? Leadership Experience: Prioritize candidates with a proven leadership background, preferably at the executive level. Look for individuals who have successfully managed teams, inspired employees, and delivered exceptional results. Their leadership style should align with the company's values and culture, fostering a positive and productive work environment.
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4?? Boardroom Diversity: Embrace diversity in all its forms, including gender, ethnicity, age, and professional backgrounds. Diverse perspectives lead to more robust decision-making and help companies better understand and serve their diverse customer base. Ensure that your board reflects the stakeholders you serve. Encouraging diversity fosters innovation and enhances the board's ability to address the evolving needs of the industry.
5?? Financial Acumen: Strong financial skills are crucial for board members in the insurance industry. Seek individuals with a solid understanding of financial statements, risk management, and capital allocation. They should be able to assess financial performance, identify areas for improvement, and guide the company towards sustainable profitability. A strong financial acumen helps in making informed decisions that optimize business outcomes.
6?? Technology Savviness: With the increasing role of technology in the insurance industry, it is essential to have board members who are technologically literate. Look for individuals who embrace digital transformation, understand emerging technologies, and can help drive innovation within the organization. Technological expertise enables companies to leverage advancements and stay ahead in the competitive landscape.
7?? Integrity and Ethics: Ethical conduct is paramount in the insurance industry, which relies on trust and transparency. Select candidates with a strong moral compass and a commitment to upholding the highest standards of integrity. They should be dedicated to maintaining a culture of compliance and ethical behavior, ensuring that the company's actions align with its values and the expectations of stakeholders.
Selecting the right executive board members is a critical process that can shape the future of your organization. By considering these key criteria, you can assemble a diverse and dynamic board that will drive strategic decision-making, foster innovation, and lead your company to continued success in the ever-evolving insurance industry. It's not just about the technical skills, but also the ability to adapt to change, inspire others, and contribute to a positive corporate culture.
Remember, the success of a board depends on the collective expertise, experience, and qualities of its members. As the insurance industry continues to transform, make sure your board is equipped with the right individuals to navigate the challenges and seize the opportunities that lie ahead.
Managing Partner Convista Consulting Strategieberatung
1 年So right, Thorsten! Thorsten Kocherscheidt
Chief HR Officer | International People Executive USA~Europe~Asia | Head of Transformation | Board member | Disruptive lecturer | Futurist ??| Singularity fellow | Passion & Traction
1 年Spot on, Thorsten. Both know well the industry and the leaders you describe will be the ones to shape it in the near future, no doubt about it ??
Consulting Partner for C-Suites
1 年Very interesting and accurate summary Thorsten! What I observe is that especially bigger insurances struggle when it comes to the permeability of outside-inducted innovation, e.g. on the side of Tech or Insurance Services. Some innovations require to think beyond existing structures and business models. Still in the same known success KPIs, that just need to be seen from a non-conservative view, to have the chance to incubate new products. To me this is especially about the structure, that business development or innovation units are lead by too much conservative, known business goals, that in fact prohibit from more drastic but potentially much more successful business models, that promise even a competitive advantage. If innovation seeking is truely desired I believe a good, well chosen board member can be a strong and required driver to make that happen. For this I would add that an out-of-the-box mindset and a view on and network to start- and scale-ups can be essential as well, to really foster innovation and business diversification upside down.
Consultant @ Mercuri Urval | Financial Services & Private Equity | 94% success rate in Executive Search & Selection
1 年Good points, interesting to read
Connecting Exceptional Talent with Leading Energy Companies | Executive Search | 2024's Top 50 Women Leaders in Texas
1 年Great wisdom Thorsten, thanks for sharing!