27th September 2015

LMG announces major steps forward following the London Matters research

Opinion

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The London Market Group(LMG) has announced, at a meeting of their Forum on Thursday, a number of positive steps in responding to the challenges of the London Matters report. These were:
-A commitment from the LIIBA Board to the implementation of a single electronic placing service to be run by Placing Platform Limited(PPL), with an agreement to fund the broker community share of the cost of the service. The service is expected to launch in Q4 this year.
-Work to select a partner to assist LMG is developing a marketing capability is in train. A provider will be appointed to start work on developing customer demand, particularly in emerging markets, by the end of the year.
-Deloitte will be working with LMG to develop a survey to identify the true skills gaps in the market. This will be part of the work to ensure that London has the most talented and diverse pool of talent possible.
Steve Hearn, chairman of LMG said “We all need to remember the totality of the lessons that London Matters taught us. There is no single remedy for the challenges and opportunities the market faces. We need to be more efficient at selling our products, we have to renew our ability to innovate and cover emerging risks and we must ensure that potential customers in parts of the world where insurance demand is growing understand our abilities and how we can help them. Each element of our workplan is mutually dependent on the others–which is why I am pleased to announce positive progress in a number of areas.
Recognising that this ambitious programme would require strong continuity of leadership, Hearn also announced that he had agreed to remain chairman until the end of 2016. Hearn continued “Traditionally chairmanship of LMG has been a two year assignment which would mean I would step down at the end of the year. However, London Matters has set up a rather compelling plot line and I would like to see that through to the end. So I am delighted to announce that, with the full support and backing of all the constituencies around the LMG table–and specifically Inga Beale; Bob Stuchbery; Malcolm Newman–I have agreed to stay on for another year. We are a long way down the track, but nowhere near where we need to be. The LMG is a cohesive and collaborative expression of market consensus, and we have a plan–I am looking forward to playing my part in delivering that plan."
Insurance Newslink comments: Hearn's announcements have a clear message with each initiative depending on the other. IT development over the years has often been a challenge, but with the brokers' commitment to a single electronic placing service, and the collective way forward involving global marketing, appropriate talent recruitment and development, and improved relationships with the UK Government and regulators, the LMG strategy has a real opportunity to widen mindsets and boost London Market differentiators worldwide.