LIIBA calls for an end to dress codes as London prepares for an end to the lockdown
The London and International Insurance Brokers’ Association (LIIBA), the representative body for Lloyd’s brokers, has published ten key design principles to guide the London insurance market’s return to physical trading.
Among the recommendations, LIIBA called for an end to long queues for brokers at Lloyd’s for simple policy endorsements, dress codes and any requirement to be in the office full time.
The principles also highlight the need to retain some version of the physical Lloyd’s Room, where complex negotiations and ‘serendipitous’ meetings can take place.
The principles were published at LIIBA’s annual general meeting and are intended to help companies think about how they need to adapt once employees return to the office. They are: client experience is paramount; underwriting room to remain but role to be redefined; producers will travel; creativity works best in person; serendipity is still relevant; we will keep things from the old world and the current one; aspects of staff training and development will adapt; there are things we will be able to do away with; most firms will retain an office focus; and flexibility is crucial.
Chistopher Croft, LIIBA’s chief executive officer, said its board had been engaged in a lengthy discussion about how businesses should approach the return of the physical trading environment, to maintain London’s unique offerings without losing the efficiency gains that the pandemic has accelerated.
“We distilled the output from this debate into 10 key design principles,” he said. “We will use these principles as the basis for conversations with colleagues at LMA, IUA, Lloyd’s and LMG. 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.”
Meanwhile LIIBA’s annual report highlighted the impact the pandemic has had on both itself and its broker members. It found LIIBA’s primary role has been helping its members address fundamentally altered ways of working because of the pandemic, as well as other challenging issues such as Brexit solutions and international regulatory debates.
The report highlighted the need for further post-Brexit support to ensure Lloyd’s brokers can maintain their business links in other parts of the world.
LIIBA said its objectives for 2021 include working with HM Treasury and the Treasury Select Committee on the evolution of UK financial services regulation; opposing further increases in the insurance premium tax; helping members develop a more inclusive culture and ensuring diversity among its own membership, board and committees.
Richard Dudley, LIIBA’s chair, said: “LIIBA’s mission is to ensure that London remains a critical hub for global insurance business. 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.”
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