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Talent report identifies challenges and opportunities for the London Market

Talent report identifies challenges and opportunities for the London Market

9th May 2016:

The London Market Group (LMG) today launched the first market-wide talent report, based on research undertaken by Deloitte. The report identifies both challenges and opportunities in building a talent base across the London insurance and reinsurance market, highlighting the current and emerging future skills gaps.

The report finds:
• 93% of respondents did not see actively seeking talent outside the market as a priority;
• 60% of respondents ranked technology as an important future disruptor which will challenge established talent strategies and career paths in London and regional offices;
• Nearly a third of respondents identified leadership capacity as a skill gap for the future;
• Of the traditional London Market skills, operations (32%), wordings (23%) and underwriting (21%) were identified as the most urgent longer term future skills gaps, and underwriting (34%) and claims (22%) as areas where firms are finding it difficult to recruit today;
• Only 8% considered the market to be a role model for diversity, suggesting further work needs to be done in this important area.

Bob Stuchbery, President, International Operations, The Hanover Insurance Group and LMG Board Sponsor of the Talent and Diversity workstream 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. 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.

“Deloitte has done a tremendous job helping us to identify the issues and now we, as a market, need to work together to decide which of these can be addressed collaboratively to ensure that the London Market is a natural home for the best talent in the business.”

Colin Gleeson, director, Deloitte said: “Insurance firms are currently having to grapple with a number of factors that will impact the talent agenda in the London Market. This includes a combination of demographic movements, the rise of digital technology and new employer-employee relationship dynamics. Deloitte’s survey with LMG provides valuable insight into this changing environment, enabling the market to take the appropriate steps to ensure London remains the global centre for specialty insurance talent, both now and in the future.”
Over 570 market practitioners and 16 senior leaders, representing 15 different functions from underwriting, claims, brokers to actuarial and modelling, participated in the survey.

A full copy of the survey report can be found here

-ENDS-

For more information please contact: Caroline Wagstaff, Luther Pendragon | carolinewagstaff@luther.co.uk Tel: 020 7618 9158
Fern Hammond, Deloitte | fhammond@deloitte.co.uk Tel: 020 7303 2329

Notes to editors

About the LMG
The LMG is a market-wide body, bringing together the specialist commercial (re)insurance broking and underwriting communities in London. It is supported by the International Underwriting Association of London (IUA), Lloyd’s of London, the Lloyd’s Market Association (LMA) and the London & International Insurance Brokers’ Association (LIIBA).

About Deloitte
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.
Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.
The information contained in this press release is correct at the time of going to press.
For more information, please visit www.deloitte.co.uk.

 

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