The London Market Group (LMG), in association with KPMG, launched a report entitled ‘The future of skills in the London Market’. Based on market-wide research the report sets out where the Market is today and is a call to action to take charge of how market organisations acquire the skills they need to face the future.
Matthew Wilson, Board Sponsor of the LMG talent workstream and CEO, Brit Insurance said: “It is a truth almost universally acknowledged that our market is on the brink of fundamental change. We have begun the process of digitisation and there will be more to come with AI, robotics and big data. These developments and overarching societal shifts offer us a once-in-a generation opportunity to reinvent our marketplace.”
The report identifies that:
- The skills gap is wide between where the London Market is now and where it needs to be in the future. The successful future workforce will need to be adaptable, curious and tech-savvy.
- Organisations should re-design for a digital age and create an agile culture that promotes flexible working, varied career structures and one where new projects are launched without restrictive approval processes.
- Future leaders need to be brave, understand and embrace the opportunities offered by technology and empower their people to be creative and develop new products and services to meet the ever-changing needs of their clients.
Paul Merrey, Partner, Global Strategy Group, KPMG UK commented:
“The opportunities for the Market are huge, but the skills gap needs to be urgently addressed. Market organisations can’t wait for the next generation to grow up and fill the gap. The London Market must face the scale of the task and be proactive in training people and attracting new talent. As new business models and services start to emerge, market players will have to evolve their recruitment and talent management strategies, as well as their cultures, to remain relevant – and successful – in the future.”