Stop, start, stop……
If you managed to enjoy some time off during the period my normally associate with “holiday” season, then I hope you had a good break. It certainly has been a year that we won’t forget, but interestingly enough, through all of our work in the Market, we’ve seen some really encouraging signs.
Firms across the Market had made a concerted effort to make their workplaces safe for staff to return, if they felt safe to do so. It does seem that although some practitioners managed to get back to EC3, probably less returned than had been hoped. In any event, this Return To Work was rapidly slowed by the Prime Minister’s subject announcement that people should consider working from home, if they could, which applies to a majority of us based in the Lloyd’s and London Market.
During July and September, LMForums has been bringing the Market together to discuss and debate some of most topical issues, from operations to technology to the flow of business in and out of the London Market. I’ve heard from all contingents about their success or otherwise, with winning new business and renewals. The hardening of insurance rates in some classes of business has also been a topic of conversation, but overwhelmingly all of our Roundtables go back to one subject: People and Talent. Companies are working hard to create innovative ways to keep staff, teams and customers motivated and engaged.
The strength of our Market is in its people and the concentration of intelligence in underwriting, broking and risk management is world class. From our Roundtables, it is evident that people are starting to feel the effects of a kind of solitary confinement and probably for some of us, a lack of Vitamin D, through the countless hours that we sit in front of a compute, without the need even to pop out to Pret to pick up a sandwich.
The good news emerging from EC3 is that on the whole, our companies and the overall Market has responded well to the Pandemic and in most areas, business is good. Naturally, there are some stress points but the lockdown has focused the mind on a key area for the Market, technology. Change and transformation leaders in broking and underwriting firms are reporting some real achievements with their programmes, as a result of their ability to focus. In addition, our polls have suggested that most firms are likely to spend more on technology and innovation in 2021, than in 2020.
The Market is bracing itself for another six months of remote working, but its spirit remains buoyant and determined to deliver creative solutions, such as the insurance coverage for the shipment of Covid-19 vaccines, as well as respond to catastrophes around the world, from hurricanes causing chaos across North America to incidents such as the horrific explosion in Beirut explosion.
So, whilst we’ve gone from stop, start to stop again, the journey continues and we’re there for you to help you stay informed, connected and engaged.
Over the next month, LMForums has some incredible events planned, – our free to access platform is open to all insurance professionals, so sign up for one of our virtual events now. We look forward to seeing you there.
Roger A. Oldham - Founder & Managing Director at The London Market Forums.
Roger has over 30 years frontline experience in the London and international insurance markets at executive level. He is an experienced and qualified Mediator, having trained with the Chartered Institute of Arbitrators in London. He specialises in insurance disputes on a global basis, but is experienced in handling all forms of commercial dispute.
Roger is also know for founding and running the successful and popular Market networking and educational group, London Market Forums. The group brings thousands of professionals together every year. LMForums is free to access for all insurance professionals and is supported by a select number of quality industry suppliers and advisors. Roger also created the Market People Magazine and is the executive producer behind the very popular Market People Awards.
He is also a leader in operational excellence and business transformation, as well as a qualified coach, mentor and experienced trainer. He has been responsible for driving change in the industry all over the world. He is a regular speaker at industry related conferences about industry change, modernisation and operational improvement and runs two popular professional members' clubs.
During his career, Roger has been responsible for functions and teams at firms such as Aon, HSBC and Marsh. He has led claims teams, multi-region operations and change projects in the Middle East, Far East and North America.
He became one of Aon's leading claims troubleshooters, working with the Chairman's Office, travelling all over the world resolving disputes.