The London and International Insurance Brokers’ Association (LIIBA) has published its agenda document for 2023, which puts insurance brokers – particularly younger professionals – at the centre of the London insurance market’s modernisation.
According to LIIBA, its three-point agenda for 2023 – brokers’ participation in the Future at Lloyd’s programme, the launch of PPL’s new version, and the drive to attract people back into the Lloyd’s underwriting room – would see brokers take a more central role in the reshaping of London’s insurance trading environment this year.
But LIIBA also recognises that the voices of the younger generation of brokers must also be heard.
“We need to ensure that discussions about change and modernisation are driven by market participants of the future,” said LIIBA CEO Christopher Croft (pictured). “Baby Boomers and Generation X are giving way to Millennials and Zoomers.”
Croft added that both Millennial and Zoomer insurance professionals are the ones “who have no concept of a world without the internet or 24/7 connectivity,” so the rest of the industry needs to listen to their views as everyone collectively builds the marketplace of the future. To this end, the CEO said that LIIBA will create a focus group to lead this work.
“In some ways, 2022 was the year many of us had hoped 2021 would be: the return to normality and EC3,” Croft mentioned. “However, the war in Ukraine brought fresh challenges to our market, that I’m proud to say we rose to.
“Having spent much of our energies in the last two years reacting to external change, we believe 2023 will see the London insurance market focusing on shaping its own destiny. We’re about to go through a period of considerable change in terms of our trading environment. The new version of PPL and Future at Lloyd’s are tangible manifestations of the market’s drive to evolve.”
Apart from the three areas of work outlined by LIIBA’s agenda, the association also explained in a release that it will continue to lobby for the Financial Services & Markets Bill and work with the FCA to ensure its new competitiveness objective “delivers a pragmatic new approach to regulation.”
LIIBA worked with NTT, the LMA, and other trade bodies to release the Blueprint Two Foundational Playbook for Brokers in December.
