Transparency on when underwriters will be available in person is needed
Lloyd’s Market Association (LMA) has called for consistency in all-important face-to-face meetings amid the change in working habits since the pandemic.
The LMA wants a market-wide approach to organising and arranging the availability of underwriters in the Lloyd’s underwriting room.
The non-profit organisation is asking each class of business committee to indicate when underwriters will be available in person to their broking partners and clients.
It proposes to agree and publish a common approach as soon as this week.
Patrick Davison, LMA’s underwriting director said: “The value of in person meetings with clients and brokers cannot be understated. The face-to-face engagement and dynamic nature of the underwriting room is part of what makes Lloyd’s the pre-eminent insurance market in the world.
“Greater consistency and transparency on when underwriters will be physically available to meet brokers and clients, either at the box or their offices, is therefore now needed if we are to fully realise the benefits from the relaxation of Covid-19 restrictions.”
It follows Lloyd’s underwriting room closing during the ongoing lockdown restrictions to mitigate the spread of Covid-19.
Davison continued: “We recognise that this will be a gradual process and the flexibility introduced into working arrangements is here to stay, as it benefits a clear majority of the workforce and businesses at Lloyd’s.
“However, now is the time to begin implementing a system that allows for a more transparent and market-wide approach to presence in the underwriting room.”
He explained that this will be “balanced against the flexible working arrangements that companies have implemented, which so many have come to greatly value”.
“The LMA Committees for each class of business will be working with members to arrive at a consistent approach on which days, each week, underwriters from that particular class will be available to their broking counterparts, Davison added.
“We are confident that this will allow the market to return to face-to-face trading where it provides greater value while allowing for increased flexibility.”