Finance Leaders Practice Group
Finance leaders from across the London Market participated in the first ever LMForums Finance Executive Practice Group on 20th October 2020. A fascinating first session discussed the following subjects:
The Pandemic response within our companies and within the Finance function. It seems that we have all had to change the way in which we interact with our teams and technology has played a major part in providing us with the tools to provide as near to normal a “business as usual” environment for our staff and clients.
The feeling was that some staff feel perhaps even more engaged in this virtual environment and closer to senior management. The working from home culture has both advantages and disadvantages - it has created more time for people as they haven’t had their long commutes into the office and it has allowed more flexibility when it comes to managing family responsibilities but on the other hand, for some, it is proving challenging knowing when to start/stop our work.
Some companies in the Market have been concerned about the potential impact of COVID claims - but at the moment, this has not had a material impact on the loss portfolio so far. This may change following any possible change in the ongoing litigation with the insurance industry.
Another area of concern is changes to GWP. Renewals seem to be fairly consistent but for some, new business is down.
Currency exposures and an impact on investment income is another worry.
Regulatory pressures/Brexit/COVID and the US Presidential Election are likely to have a financial impact - although this will differ on a company by company basis, depending on books of business underwritten and corporate structure.
Technology and Automation:
All participants agreed that technology had played an important role in their COVID response and that they continue to push ahead with their change and transformation projects. More automation is need.
“Fast Close” is an important area for many.
Some companies have been able to expedite their change programmes as this period has allowed them time to focus and deliver these projects. It seems that very few have seen disruption to their planned 2020 change programmes in the finance area.
The Practice Group members highlighted the areas for discussion at the next and future meetings. If you are interested in joining this group, then do reach out to us at firstname.lastname@example.org.
The next meeting will take place on 26th January 2020.
A big thank you to AFEX and AUTOREK for supporting the Finance Leaders Practice Group. LMForums Practice Groups take place quarterly, with the aim of bringing a cross section of the Market together to discuss and debate current and topical matters.
For access to the video highlights and the results of our in-session polling, click on the links below. All video material and output is only accessible by Members of the Finance Leaders Group.