The following is a column written by Andrew Horton (pictured), CEO of Beazley and chair of the London Market Group.
The world in which we are all operating has been turned upside down by the global pandemic – the way we live and particularly the way we work has changed dramatically. I have been chair of the London Market Group (LMG) for the last two years, and will be standing down at the end of the month, so this seems a good time to look at the relevance of what we have done in that period in helping us to operate in this new world order.
One of the first decisions we made as I became chair was to appoint the first full-time CEO for the LMG. The quality of the candidates we saw was a testament to what the LMG has become in terms of setting and actioning a market-wide agenda. Clare Lebecq’s appointment has given a momentum and energy to our activities and moved us forward significantly. One of the most notable achievements has been in the strengthening of the relationship between the market and the UK government. Politicians and civil servants actively seek out our views on a range of issues from cyber to trade and from Brexit to COVID-19 in a way that was inconceivable five years ago. The quality, frequency and range of the discussions is a tremendous reflection on how far the LMG has come.
Recent events are a sharp reminder of the need to be nimble. Who would have thought that the insurance market – famed for its face-to-face trading and physical proximity, could turn so quickly to operating remotely and placing business electronically? There is a lot of value in being an ecosystem that London does not want to lose, but we can and have changed, and some of that will stick and make us better for our clients.
Another area where the LMG has increasingly made its mark in the last two years has been in promoting the insurance market to a wider and more diverse talent pool. It is a considerable investment for each business in the market to attract younger staff with different skills – but very much something we can do collectively. As well as continuing to build our outreach through our London Insurance Life social media channels and ambassador programme, we have also launched our inaugural bursary - an initiative aimed at offering a financial incentive to university graduates in our sector. All of this will pay long term dividends for the market.
We have also been doing more to promote the experience and expertise that sits within the London market through our “London Makes It Possible” campaign. We have expanded the website to include videos of market practitioners talking about how they help with claims and create innovative risk transfer solutions. We have also launched e-learning materials, working with colleagues in the US and subject matter experts to create a course which uses cases studies to bring the market to life and illustrate how it works. While we are not able to travel to see brokers and clients at meetings and conferences, this ability to tell our story and promote our services is vital to ensuring they know we are still here to help them.
As I look back over the last two years, the recurring theme for me is the collaboration across the market, moving us forward on so many issues. Brokers and underwriters working together for a wider purpose - to improve what we can offer our clients and business partners around the world, make ourselves more efficient and reach out to as many stakeholders as possible. Today the market environment is very challenging but, as I look back, I am confident that we have built robust foundations for the future.
