LIIBA, the representative body for Lloyd’s brokers, has published 10 key design principles to guide the London insurance market’s return to physical trading. Published at LIIBA’s annual general meeting today, the principles outline those practices the trade body believes should end with the return to the workplace and those that should be maintained.
Among the practices LIIBA calls for an end to are long queues for brokers at Lloyd’s for simple policy endorsements, dress codes and any insistence on being full-time in the office. The principles also highlight the need to retain some version of the physical Lloyd’s Room where complex negotiations and ‘serendipitous’ meetings can take place.
Chistopher Croft, CEO of LIIBA, said: “Our board has been engaged in a lengthy discussion about how we can return to a physical trading environment that preserves London’s unique offerings without losing the efficiency gains the pandemic has accelerated. We distilled the output from this debate into 10 key design principles. We will use these principles as the basis for conversations with colleagues at LMA, IUA, Lloyd’s and LMG. We envisage a world where face-to-face meetings continue to be at the core of how London distinguishes itself from the competition, albeit in a more flexible environment with slightly less focus on EC3.”
LIIBA’s annual report, also pubished today, details the impact the pandemic has had on both itself and its broker members. According to the report, LIIBA’s primary role has been helping its members address fundamentally altered ways of working because of the pandemic. However this did not prevent the trade body addressing a number of other challenging issues last year including helping members deliver their Brexit solutions, representing its members in discussions relating to the Future at Lloyd’s proposals and contributing to both national and international regulatory debates.
Looking ahead to this year, the report identifies the need for futher post-Brexit support against a backdrop of facilitating global opportunities for Lloyd’s brokers in other parts of the world. LIIBA objectives for 2021 inlcude:
• Working with HM Treasury and the Treasury Select Committee on the evolution of UK
financial services regulation.
• Opposing futher increases in Insurance Premium Tax.
• Helping members develop a more inclusive culture while ensuring increasingly diverse
membership of LIIBA’s own Board and committees.
LIIBA’s chairman Richard Dudley noted that he was probably the first LIIBA chair to complete his initial year in office without seeing any of his fellow Board members in person. He said: “LIIBA’s mission is to ensure that London remains a critical hub for global insurance business. We will do this by ensuring a competitive, efficient and professional business environment – all underpinned through constructive governmental and regulatory relationships and a proactive role in market modernisation.”