London market assesses future workforce challenge

The London Market Group (LMG) has launched the Future Workforce Think Tank, designed to assess the new challenges faced by the workforce of the future and develop recommendations in response.

The work of the think tank will be supported by KPMG.

“In 2016, we undertook research to investigate the changing skills required for London to retain its pre-eminent position in the global insurance market as technology changes the way we all work,” said Clare Lebecq, CEO of the LMG.

“The results highlighted the fact that digital and technology developments are a key influencer on future skills, and London was not well prepared for the changes the future will require in these areas," Lebecq said.

London Market brokers are increasingly embracing the use of electronic placement with the number of risks placed this way increasing by 350 percent in the past 12 months, according to data released by the board of the London and International Insurance Brokers Association (LIIBA).

The electronic platform called Placing Platform Limited was launched in 2016 and enables a more flexible negotiation and faster placement, according to LIIBA. Some 20 brokers now use the platform.

“We have completed a first phase of work to assess the impact of electronic placing on broking and underwriting skills, launching the think tank is the next stage," Lebecq said. "Essentially, it will look the key trends and technology disrupters that will impact the shape of the future workforce. Leveraging expertise from market colleagues who are already assessing what the future might hold and digital experts, it will also analyse how the skills required will be affected and undertake a deep dive into the impact on core London market roles – as well as looking at the effects on in the medium to long term.

“We hope the full report will be published in the spring of 2019 and will articulate what actions the London Market should take to build a workforce that is fit for the future,” Lebecq added.

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