The first 100 days have been something of a trope in both business and politics ever since President Roosevelt coined the phrase in a radio address in 1933 – citing it as “the opportunity of a little quiet thought to examine and assimilate”. And, at a speed that feels as if time-travel must have been involved, I have now been at the helm of the London Market Group for my own “first 100 days” so this column offers a similar opportunity to review what I have learnt and where we are planning to go.
My first takeaway is the huge value that having one forum to convene and represent all market participants delivers. Being able to facilitate debate, articulate key messages and take action on the topics where a single campaigning voice is most effective has tremendous worth. I am incredibly grateful to everyone who has given me the time to share their views and to help shape our thinking. Working with our key stakeholders at LIIBA, the LMA, IUA and Lloyd’s has been both hugely informative and reminded me that, even in a remote working environment, there is an amazing community spirit from which we all benefit in London.
As a result of our consultation, the LMG is refining its activities to focus on three key audiences: government, future talent and our partners who bring business into this market. We will campaign to promote London’s unique offer and build a platform for the market’s future growth and success with each of these audiences.
One of the things I have heard a lot from the market in the last 100 days is that the UK government does not recognise the value the London Market delivers. This is a myth I can absolutely dispel from my experience in the last three months. In June alone, the LMG has met H.M Treasury, Lord Frost (Brexit negotiator and Minister of State in the Cabinet Office), John Glen (City Minister), Ranil Jayawardena (Minster for International Trade), Alex Hickman, Business Adviser at Number 10 and a slew of MPs and peers. This is building on strong foundations laid by my predecessors, and I have been impressed by how much these politicians – and their supporting civil servants, know about the London Market. The meetings have focussed on our Plan for the Future in which we articulate five keys asks of government to maintain the UK’s competitive position, grow our exports and deliver increased levels of foreign inward investment into both London and across the regions of the UK, where the market is expanding.
Another hot topic in the market is around the need to ensure that London has the right intellectual capital to be the one place where it is most likely risk transfer issues will get solved. To do this, careers in the market must be attractive to the widest possible pool of new and existing talent, with a breadth of skills and diversity of background and thinking. To attract this talent, the complex, commercial insurance market needs to tell a compelling story to get cut through against other financial services which are better known, as well as make it as easy as possible for candidates to navigate around the market to find out what opportunities are available.
There is no doubt that considerable energy and focus is being applied by many firms and bodies across the market to create the right talent pool, and the LMG is here to amplify and support those efforts. But there are also things we can do across the market. For example, helping prospective candidates to understand why property & casualty insurance in the London Market is a first-class employment choice, and in bringing this message to new and diverse talent pools. We are going to work to pull together some engaging materials to do just that.
We also want to create a campaign to promote the London Market and make visible the roles it has to offer to future talent. Social media is hugely important, and we have an active Instagram account that advertises roles and highlights what the market has to offer. We want to build on that to drive traffic to londoninsurancelife-lmg.com to showcase what the market has to offer.
So, a very full first 100 days, but wonderfully rewarding in working out where the LMG can promote London and support the changes that are needed to help the market to thrive and prosper. Roll on the next 100.
