Recently we published the LIIBA Board’s suggestions for 10 key design principles as we develop the post-pandemic marketplace of the future. We recognise that things have changed fundamentally as a result of lockdown and that nobody envisages going back to exactly how things were before we switched to full time working from home. But I think most people agree there are still things that work better face to face – and the relationship-based nature of trading in London, which relies on people actually seeing each other from time to time, is at the heart of how we can place risks that other centres cannot.
I previewed much of the content of the principles in my last column. But how we go back better remains the topic du jour. So, I thought I would focus on one aspect that will probably generate a lot of debate – and in which I have been heavily involved recently: the work to design the underwriting room of the future.
Actually, the work that we began this year is as much about the overall role of the Lloyd’s building as it is focussed on that vast space at its heart. As a market, we are around 350 broking, insurance and support service firms gathered in a 400-metre radius of that temple to the genius of Richard Rogers (I know this as I once sent a hapless BCG consultant out to work it out as part of the first London Matters report). It is the sun around which we orbit. But we will need to ensure it continues to provide the fundamentals that support market life if its pull is not to diminish.
We need the building and the room to be part of an exceptional client experience. Clients like coming to London because they can meet decision-makers in their broking houses and the insurers they use. But they also like to be entertained – to gain a feeling that they have been privileged to witness something special. So how do we enhance that? How about an exclusive restaurant in the Adam Room? Not many institutions would be able to deliver something like that.
Life in EC3 will be fundamentally altered and very few people will be spending five full days commuting into the office. Some may take this as an opportunity to relocate further from London, feeling that a less frequent but longer commute is bearable if it allows you to live with more space or closer to family. This may see more people looking to stay in London during their reduced number of days in the office. Could part of the Lloyd’s building provide accommodation to meet this demand? Another idea worth considering.
And what of the room itself? My board were clear that it needs to remain a vibrant trading space – so it is vital that empowered decision-makers put in an appearance now and again. But at the heart of the LIIBA membership are small businesses – 80% of our members employ fewer than 50 people. Many of those businesses may take the primary lesson of the last year to be they do not need expensive EC3 office space – they can come to the cluster when they need. Those people will require, for want of a better phrase, a place to mill around between formal meetings. And it is in the milling around that so much of the magic of our market takes place. Those chance meetings that strike off a conversation that leads to a deal. The room is in pole position to be the central milling point for the market. So, we need carefully designed collaborative space that attracts people and accommodates conversations both public and private.
And my final thought is to ensure that, in the rush to modernise, we do not lose sight of history. The history of Lloyd’s represents a huge part of its brand. I have already suggested a new role for the Adam Room. We must ensure the Lutine Bell also retains a prominent place in the room of the future.
Those are a few of my ideas. Many have already had your say in the first round of consultation that Lloyd’s ran last month. You will get another chance shortly to opine on more detailed proposals. I urge you to get involved. It’s an iconic programme to be a part of. And, if we get it right, we will be creating the pivotal point of the market for many years to come.
