The Lloyd’s Market Association (LMA) is proposing to agree and publish a transparent, market-wide approach to the availability of underwriters both in their respective offices and in the Lloyd’s underwriting room.
“The value of in-person meetings with clients and brokers cannot be understated,” said LMA underwriting director Patrick Davison. “The face-to-face engagement and dynamic nature of the underwriting room is part of what makes Lloyd’s the preeminent insurance market in the world.
“Greater consistency and transparency on when underwriters will be physically available to meet brokers and clients, either at the box or their offices, is therefore now needed if we are to fully realise the benefits from the relaxation of COVID-19 restrictions.”
In the trade body’s view, the move will provide “a degree of certitude” around business that needs to be conducted in person, ensuring that market participants can plan their own workplace arrangements based on underwriters’ availability.
Davison noted: “The LMA committees for each class of business will be working with members to arrive at a consistent approach on which days, each week, underwriters from that particular class will be available to their broking counterparts. We are confident that this will allow the market to return to face-to-face trading where it provides greater value while allowing for increased flexibility.
“We recognise that this will be a gradual process and the flexibility introduced into working arrangements is here to stay, as it benefits a clear majority of the workforce and businesses at Lloyd’s. However, now is the time to begin implementing a system that allows for a more transparent and market-wide approach to presence in the underwriting room.”
According to the LMA, a common approach can be introduced as soon as this week.
