Leaders are the core component of any corporate entity. In often cases, leadership positions must be passed from one employee to another. It ensures a smooth transition even the most crucial person retires or passes away. Better known as succession planning for the family-owned insurance business , this process involves identifying potential talents inside a company, training them for a particular role, and preparing for their take over. The following are some steps insurance businesses can follow for a successful and seamless transition. Proactive planning Corporates would encounter two types of scenarios when there is a need for replacement: • Firstly, a hard-to-replace family member could decide to leave with a planned retirement. • Conversely, leaders need to be replaced unexpectedly due to unforeseen circumstances. In both situations, proactive planning can play a critical role in deciding an ideal successor without disorienta...