The LMG’s talent assessment activities review the current position and challenges faced by the London Market and, ensure talent generation activities are:
- Appropriately focussed
- Measured against industry benchmarks
- Delivering insight to the market on the benefits and challenges of attracting and employing a diverse workforce
- In 2015, the LMG partnered with Deloitte to undertake the first market-wide talent survey which identified skills shortages across the market in the short, medium and long term
- Over 560 people from 17 different business functions responded, and 16 interviews with senior leaders from across the market were undertaken
- A report on the findings was published in May 2016
- The findings informed the subsequent talent workstream activity
Talent in the London market report
Diversity & inclusion (D&I) performance measurement
In April 2018 the LMG began a collaboration with Inclusion@Lloyd’s to extend the third annual ‘Holding up the Mirror’ survey and report to encompass the wider London Market. The results are launched annually in April/May and latest research findings can be found on the ‘Holding up the Mirror’ website.
Future workforce think tank
The 2015 LMG & Deloitte talent survey indicated that the London market was ill prepared to understand and prepare for changes in skills requirements resulting from Market Modernisation initiatives and other disrupters. To respond to this, in December 2018, the LMG created a Future Workforce Think Tank. Partnering with KPMG and working with Lloyd’s, the LMA, IUA, LIIBA, London Market practitioners and other experts, we will assess the impact of technology on broking and underwriting roles in the next 3-5 years and by 2030.
The findings and report were launched on the 14th May 2019 and can be downloaded here
The 2015 LMG & Deloitte talent survey indicated that the London Market was ill prepared for changes in skills requirements resulting from market modernisation initiatives and other social, political, economic and technological disrupters. To respond to this, in December 2018, the LMG created a Future Workforce Think Tank. Partnering with KPMG and working with Lloyd’s, the LMA, IUA, LIIBA, London Market practitioners and other experts, researched and assessed the anticipated impact of seven key disruptive forces on London Market broking. underwriting, support and leadership roles. The research included analysis of existing skills research, a survey, workshops and interviews.
The future of skills in the London Market workforce report will be published in May 2019, and the insights will help to shape future LMG activities, including the skills targeting of the London Insurance Life campaign.
The LMG is in regular contact with HR and diversity and inclusion professionals to assess the status of talent recruitment across the London market and, to identify common talent attraction and retention challenges, and to help highlight skills gaps both now and in the future.