The London Market Group (LMG) has made a number of revisions to its 2015 vision and action plan, which includes the introduction of two new workstreams focusing on clients and knowledge.
The revised strategy, which was announced at the LMG’s Market Forum event in London today, was created after reflection on the relevancy of the Group’s original remit, what the London Market is trying to achieve, and how the LMG should be helping to support that vision.
“We have evolved what came before, adding a sharper focus on client need, a more dynamic response to change, an emphasis on knowledge as well as solutions and a clearer expression of London’s place in the global insurance market,” said Andrew Horton, Chair of the LMG.
He explained that the first new workstream, focusing on clients, will partner with trade bodies and associations to build a collective view from groups of stakeholders on the issues that matter to them. This work will be led by Sheila Cameron, CEO of the Lloyd’s Market Association.
“We recognise that every broker and underwriter invests significantly in understanding their clients wants and needs,” Horton said. “We have no desire to replicate that work. The Board feels that there is value for the whole market in getting a wider perspective – literally seeing a bigger picture.”
The other workstream will focus on insight and outlook, with the aim of curating knowledge and intelligence from in and outside the market to generate original thinking on issues of collective thinking. It will be led by Dave Matcham, CEO of the International Underwriting Association.
“By commissioning research, or partnering with academic institutions or think tanks, we can leverage the tremendous intellectual capital that is an inherent part of being a leading global centre,” Horton continued.
“We want to deliver multi-faceted thinking that helps to stimulate debate around common problems and collective solutions.”
