LIIBA publishes agenda for 2024

Areas of focus include #BackToEC3 campaign and preparations for new government

LIIBA publishes agenda for 2024

Insurance News

By Terry Gangcuangco

The London & International Insurance Brokers’ Association (LIIBA) has published Developing the streamlined marketplace, LIIBA’s agenda for the year.

In its 13-page agenda for 2024, the broker body cited the following priorities:

  • prepare for a new UK government and continue to push for the changes needed to enable London as the risk management capital of the world
  • continue the #BackToEC3 campaign and its drive to restore the Underwriting Room as the trading hub of the market
  • support LIIBA’s mainly SME membership in its transition to using the new digital services being delivered by Blueprint Two
  • repeat and expand the association’s DEI (diversity, equity, and inclusion) programme
  • explore how future market leaders see their careers being influenced by the growth of artificial intelligence
  • complete the strategic review of LIIBA’s services to ensure the body continues to deliver what members need

LIIBA said in its agenda: “2024 has the potential to be the year we create the streamlined, efficient marketplace that we have been working towards for some years now. Our discussions with FCA (Financial Conduct Authority) should deliver tangible impact in terms of an appropriately reduced regulatory burden.

“Blueprint Two should deliver genuine improvements to our settlement processes that will remove frictional cost from our core transactions. And that will ensure that London is perfectly placed to advantage from the opportunities our world of ever-growing risk provides.”

For LIIBA chief executive Christopher Croft (pictured), it is important to “cement the gains” from the Financial Services and Markets Act and to seek to ensure that London is also the global capital for risk mitigation and transfer, in addition to being the global capital for insurance.

“In spite of the challenges, our world continues to function,” Croft declared in an emailed release. “Trade flows; business grows; livelihoods recover from disaster because the insurance industry is here to help manage and mitigate risk. And at the heart of it, London continues to prosper, providing vital solutions to the world’s most difficult problems.”

LIIBA’s initiatives this year will include the convening of a focus group of young broking professionals to examine the impact of artificial intelligence (AI) on the market’s trading systems.

“Pre-COVID, the future of our trading environment felt a little abstract and reassuringly distant,” Croft pointed out. “Today, with rapid advances in AI and the move to flexible working, the future seems to have happened while we were all otherwise engaged. If anything, the market needs to play catch-up.

“By pulling together young, talented brokers from our members, we can tap into the very latest thinking and attitudes – thinking that will be the dominant paradigm in a few short years – to ensure that we shape our future rather than it shapes us.”

Meanwhile the LIIBA document also features the association’s 2023 achievements in areas like public policy, continuing professional development, and culture enhancement.

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