The London and International Insurance Brokers’ Association (LIIBA) has published a list of key design principles to act as a guide for the London insurance market’s return to physical trading.
Among these principles is a renewed focus on client experience, which LIIBA says can be improved with better, cheaper and more effective insurance solutions.
But while the Association recognised that transactional efficiency is important, it stressed that lowest cost does not always mean best value.
“London is the Harrods of insurance not the Lidl,” it quipped. “Having said that, we will do everything possible to reduce unnecessary waste and activity in the value chain.”
Other principles outline which London market practices should end with the return to the workplace and those that should be maintain, in LIIBA’s view.
For example, it calls for an end to long queues for brokers at Lloyd’s for simple policy endorsements, dress codes and any insistence on being full-time in the office. On the other hand, LIIBA says there is a need to retain some version of the physical Lloyd’s Room where complex negotiations and “serendipitous” meetings can take place.
“Our board has been engaged in a lengthy discussion about how we can return to a physical trading environment that preserves London’s unique offerings without losing the efficiency gains the pandemic has accelerated,” said Chistopher Croft, CEO of LIIBA.
“We distilled the output from this debate into 10 key design principles. We will use these principles as the basis for conversations with colleagues at LMA, IUA, Lloyd’s and LMG,” Croft continued. “We envisage a world where face-to-face meetings continue to be at the core of how London distinguishes itself from the competition, albeit in a more flexible environment with slightly less focus on EC3.”
Looking ahead, LIIBA also identified the need for futher post-Brexit support against a backdrop of facilitating global opportunities for Lloyd’s brokers in other parts of the world.
Other objectives for 2021 include working with HM Treasury and the Treasury Select Committee on the evolution of UK financial services regulation, opposing futher increases in Insurance Premium Tax, and helping members to develop a more inclusive culture.
“LIIBA’s mission is to ensure that London remains a critical hub for global insurance business,” said LIIBA Chairman Richard Dudley. “We will do this by ensuring a competitive, efficient and professional business environment – all underpinned through constructive governmental and regulatory relationships and a proactive role in market modernisation.”
