The research project aims at responding to the present challenges in establishing succession planning system and improving the status of the human resources (HR) in the insurance industry as the service sector. Given the role that HR plays in value creation and due to the lack of efficient and competent human capital especially in the management levels and the necessity of filling up the key professional positions, the establishment of succession planning system in the insurance industry is highly crucial, according to PRIAO, IRC.
The inefficiency of the HR development strategies and the lack of delivering technical and in-service training to the personnel, presents the risk that the key professional positions will be left empty in near future. Meanwhile, the privatization of the insurance companies and the presence of talent hunting phenomenon in the industry have made some key professional positions not to have suitable successions. Thus, long-term planning for preventing the vacant positions in the insurance industry is quite necessary.
According to PRIAO report, the research project not only critically analyzes the present status of succession planning in the insurance industry and its possible obstacles, it provides some strategies in order to establish a succession planning system and to develop a comprehensive model for establishing such system in the industry.