London Matters – LMG report on London market’s competitivenes
During 2014 the London Market Group (LMG) commissioned Boston Consulting Group to produce a report looking at the competitive position of the London insurance market. Download the London Matters Report
The London Market Group (LMG) is the senior body helping to create and articulate the vision for the way insurance is transacted between members of the International Underwriting Association (IUA), Lloyd’s Market Association (LMA) and London and International Insurance Brokers’ Association (LIIBA). LMG overseas all elements of the market mechanism and identifies areas where proactive action can improve London’s competitive position.
The LMG response to "London Matters"
During March 2015 the LMG announced five key initiatives for 2015 to build on the conclusions and recommendations within the LMG report London Matters. Each initiative is sponsored by a senior London Market practitioner.
- Liaison with Government and Regulators to ensure the right business environment for the market to thrive. An HM Treasury Steering Group has been formed to work with the Market with the goal of making London a fincially more attractive insurance market. Sponsored by Malcolm Newman, Managing Director of Scor UK, Chairman of International Underwriting Association and a member of LMG.
- Marketing strategy for the London Market: build a better profile where it matters. Sponsored by Sasa Brcerevic – COO of Hiscox – this work will look to create a marketing strategy and build a campaign around the themes of London Matters. The principal aim will be to develop a propensity to purchase London products in the minds of those clients that currently do not seek to do so. It will utilise the full range of government and other support available to propagate the message via bodies such as TheCityUK; UKTI; Corporation of London; and the Mayor’s office.
- Talent and Diversity. London Matters set out the disparity between the make-up of the London Market workforce when compared to comparable sectors in other parts of the City and highlights that London may no longer be delivering in its role as the innovative centre of excellence for international insurance. Sponsored by Bob Stuchbery – CEO of Chaucer, Deputy Chairman of the Lloyd’s Market Association and a member of LMG – this work will concentrate on drawing together the many valuable initiatives already in train across the Market, one of which is LMA Market Talent development, to see if central co-ordination could deliver better overall value.
- A more detailed operational vision of a modernised market. Building on the LMG’s 2013 Future Process Review, the London Market Target Operating Model (LM TOM) adds more detail to the vision and help firms and Market participants understand better their role in delivering it. Sponsored by Shirine Khoury-Haq, Director, Operations at Lloyd’s and a member of LMG.
- A reappraisal of the resources the market needs to deliver central initiatives. LMG recognises that the action plan it has drawn up is ambitious. It will require the right level of investment, management and co-ordination centrally if the Market is to achieve its aims. Steve Hearn - Deputy CEO of Willis Group, Chairman of London and International Insurance Brokers’ Association and Chairman of LMG – will lead this work in conjunction with the Chairs of the other Associations and Lloyd’s Chief Executive Inga Beale.