The London and International Insurance Brokers’ Association (LIIBA) has detailed its new agenda for 2023, which centres around driving modernisation in the London insurance market.
LIIBA said that brokers’ participation in the Future at Lloyd’s programme, delivering the new version of PPL and the drive to get people back into Lloyd’s underwriting room would see brokers taking a central role in reshaping of London’s insurance trading environment.
However, the body also maintains that the younger generation of market practitioners must be brought to the fore in terms of voicing their ideas for the market’s development.
“We need to ensure that discussions about change and modernisation are driven by market participants of the future. Baby Boomers and Generation X are giving way to Millennials and Zoomers,” said LIIBA’s CEO Christopher Croft.
“These are people who have no concept of a world without the internet or 24/7 connectivity. We need to listen to their views as we collectively build the marketplace of the future. So we will create a focus group to lead this work that reflects the changing demographics we are embracing.”
With change high on LIIBA’s new agenda, LIIBA’s members will concentrate on supporting the roll-out of a new version of PPL, due in February, while working towards the launch and adoption of the latest version of the market reform contract by end-September.
In addition, LIIBA’s members have expressed support for the the full restoration of face-to-face trading in Lloyd’s underwriting room.
“The ability to go window shopping for insurance is at the heart of London’s ability to deliver client outcomes that no other centre can match,” Croft continued. “It also provides a vital access to underwriters for the SME businesses that make up the heartland of LIIBA membership. So, we want to see it continue to thrive.”
LIIBA’s plan is to work with the Lloyd’s Market Association and Lloyd’s to agree a common purpose and strategy for face-to-face trading recognising and build on broker Tyser’s recent initiative to support trading in the room.
Other key areas of work for 2023 will be ongoing lobbying as Financial Services & Markets Bill and working with FCA to ensure its new competitiveness objective delivers a pragmatic new approach to regulation.
“Having spent much of our energies in the last two years reacting to external change, we believe 2023 will see the London insurance market focusing on shaping its own destiny,” Croft concluded.
“We’re about to go through a period of considerable change in terms of our trading environment. The new version of PPL and Future at Lloyd’s are tangible manifestations of the market’s drive to evolve.”