Lateral hire

{
  "id": "MLC-T-INS-001963",
  "term": "Lateral hire",
  "field": "Insurance and risk management",
  "definition": "An individual recruited from another firm to fill a role at a similar level of seniority and responsibility, rather than being promoted from within the hiring organization. Insurance companies and brokerages make lateral hires to acquire specific expertise, such as a senior underwriter with knowledge of a niche market or a claims manager with experience in complex litigation. This practice brings in external experience without the training time required for a junior employee.",
  "url": "https://mlchart.com/terminology/insurance/lateral-hire/"
}