In its agenda document published today, the London and International Insurance Brokers’ Association (LIIBA) said that brokers’ participation in the Future at Lloyd’s programme, delivering the new version of PPL and the drive to get people back into Lloyd’s underwriting room would see brokers taking a central role in reshaping of London’s insurance trading environment.
However, the body is emphatic that the younger generation of market practitioners must be brought to the fore in terms of voicing their ideas for the market’s development.
LIIBA’s CEO Christopher Croft said: “We need to ensure that discussions about change and modernisation are driven by market participants of the future. Baby Boomers and Generation X are giving way to Millennials and Zoomers.
“These are people who have no concept of a world without the internet or 24/7 connectivity. We need to listen to their views as we collectively build the marketplace of the future. So we will create a focus group to lead this work that reflects the changing demographics we are embracing.”
With change high on LIIBA’s new agenda, LIIBA’s members will concentrate on supporting the roll-out of a new version of PPL, due in February, while working towards the launch and adoption of the latest version of the market reform contract by end-September.
In addition, LIIBA’s members are keen to see the full restoration of face-to-face trading in Lloyd’s underwriting room.
LIIBA CEO Christopher Croft said: “The ability to go window shopping for insurance is at the heart of London’s ability to deliver client outcomes that no other centre can match. It also provides a vital access to underwriters for the SME businesses that make up the heartland of LIIBA membership. So, we want to see it continue to thrive.”
LIIBA’s plan is to work with the Lloyd’s Market Association and Lloyd’s to agree a common purpose and strategy for face-to-face trading recognising and build on broker Tyser’s recent initiative to support trading in the room.
Christopher Croft, LIIBA’s CEO, said: “In some ways, 2022 was the year many of us had hoped 2021 would be: the return to normality and EC3. However, the war in Ukraine brought fresh challenges to our market, that I’m proud to say we rose to.
“As a market, we’re sometimes guilty of overlooking our success. While the global economy at large teeters on the brink of recession, our market has continued to grow; continued to provide jobs; and continued to contribute significantly to UK GDP. The recent renewals season has been challenging but brokers and underwriters, working together, have found solutions to their clients needs. That is what London does best.
“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.”
Other key areas of work for 2023 will be ongoing lobbying as Financial Services & Markets Bill and working with FCA to ensure its new competitiveness objective delivers a pragmatic new approach to regulation.
LIIBA will also continue to run diversity and inclusion initiatives that allow our smaller members a chance to participate in the wider cultural change. 80% of LIIBA’s membership employ 50 or fewer people.
LIIBA’s 2023 agenda is available here
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