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‘Changing times, changing needs’ is perhaps what London Market Group (LMG) chair Andrew Horton had in mind when the LMG revised its mission, which was revealed yesterday at the group’s Market Forum.
The vision for the market is “to be the leading client-centric global provider of specialist commercial (re)insurance knowledge and solutions.” The LMG, in its capacity, will help realise this by ensuring an efficient operating environment.
“The LMG first laid out its vision and action plan in 2015 following the publication of the original London Matters report,” noted Horton. “That report responded to a particular set of circumstances and market needs.
“So, when I was asked to be chair it seemed a good moment to take a step back and ask ourselves to what extent our original remit was still relevant for the market today, and to debate what it is that the London Market is trying to achieve, and how the LMG should be helping to support that vision.”
The chair added: “We have evolved what came before, adding a sharper focus on client need, a more dynamic response to change, an emphasis on knowledge as well as solutions, and a clearer expression of London’s place in the global insurance market.”
In line with the ‘evolution’, the LMG introduced two new workstreams that will focus on clients and knowledge, respectively. The first one, according to Horton, will be led by Lloyd’s Market Association (LMA) chief executive Sheila Cameron. The goal is to build a collective view by partnering with trade bodies and associations.
“We recognise that every broker and underwriter invests significantly in understanding their clients’ wants and needs,” explained the chairman. “We have no desire to replicate that work. The board feels that there is value for the whole market in getting a wider perspective – literally seeing a bigger picture.”
Meanwhile the other workstream, focusing on insight and outlook, will be under the leadership of International Underwriting Association (IUA) chief executive Dave Matcham. Horton said it is aimed at curating knowledge and intelligence both from inside and outside the market to generate original thinking on issues.
“By commissioning research, or partnering with academic institutions or think tanks, we can leverage the tremendous intellectual capital that is an inherent part of being a leading global centre,” he stated. “We want to deliver multi-faceted thinking that helps to stimulate debate around common problems and collective solutions.”
