London Market Group launches research for risk transfer market

The London Market Group (LMG) has partnered with the Boston Consulting Group (BCG) to launch a new client research programme, that it hopes will help London Market insurers develop better risk transfer solutions. The programme will engage with businesses who rely on the London Market for their risk transfer, aiming to understand the disruptions in their operations and the implications of that on their risk management and insurance strategies. Understanding the most relevant risk patterns and client needs will...

...help the London Market to develop relevant solutions to a shifting risk landscape, LMG said.

The outputs from the research will be used in a variety of activities with a client advisory community that will be constructed while the research is underway. This body will be a source of guidance and counsel for strategic developments for the London Market Group.

Sheila Cameron, sponsor of the client lens workstream and CEO of the Lloyd’s Market Association, said: “We are delighted to be working with BCG on this piece of work. The transformation of businesses was already underway and the speed of that change has been accelerated by the COVID-19 pandemic, testing and challenging the reliability and relevance of insurance and its value chain. The essence of this study is to listen to the customers who place business in London, hear their views and engage with them to collectively make sense of these disruptions and stimulate reliable innovation from all parties.

“Through in-depth qualitative consultations with buyers, we will be able to gain evidence of critical risk developments, insurance implications and associated service needs from various client segments. This intelligence will help all our stakeholders in guiding innovation across the value chain.”