London Market Group launches client research programme03.09.20
The London Market Group in collaboration with Boston Consulting Group (BCG) today announced the launch of detailed client research that will form part of its Client Lens workstream. The programme will engage with businesses who rely on the London Market for their risk transfer; 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.
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.”
Paul Clark, a BCG Managing Director and Partner, said: “We are excited to be working again with the LMG on this strategic initiative. We believe that understanding the evolving risk transfer needs of the London Market’s clients is of critical importance, and that this research will uncover significant opportunities for the London Market to better meet those needs.”
The outputs from this research will be used in a series 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.