A new LMG report looks into the present and future of (re)insurance talent in the City
The London Market Group (LMG) launched this week the first market-wide talent report. Based on research undertaken by Deloitte with over 570 market practitioners and 16 senior leaders representing 15 different functions, from underwriting, claims and brokers to actuarial and modelling, the report identified both challenges and opportunities in building a talent base across the London (re)insurance market, and offered an insight into the current state of the talent situation, as much as a clear plan of action for the near future.
The document highlighted seven London Market challenges, such as the disruptive influence of technological change, the skill gap in leadership capabilities and the fact that although only 8% of respondents considered the market to be a role model for diversity, 93% did not see actively seeking talent outside the market as a priority.
Based on these findings, the report also identified the seven key opportunities to build a talent driven market, among which are the possibility to develop a coordinated London Market talent strategy and a leadership programme, the need to assess the impact of technology disruption on the talent need of the market and the importance of attracting non-traditional talent to operations, wordings and underwriting talent pools.
Hanover Insurance Group and LMG board sponsor of the talent and diversity workstream Bob Stuchbery said: “A core part of the London Market growth agenda is ensuring that we have the talent to compete successfully in global markets. This report is a vital piece of work in helping us to achieve that”. He added: “The response by the market to the survey was fantastic, and the results provide food for thought in a number of areas. It raises critical questions around where we look for talent, how we attract it, and how we retain and enthuse millennials”.
The need to attract young and graduate workers to the market was addressed during the presentation, where it was established that, regarding this issue, the LMG can add value in 3 key areas: providing market education, devising and establishing apprenticeship programmes and defining the role of the Market as a talent hub, to help direct people who are seeking careers in it. “We are thinking about a series of events that will help us show the market and raise awareness about what it really is like to work in this industry”, said LMG chief executive Benedict Reid.