Ensuring we continue to be a global centre of excellence in risk management

Following the global pandemic, the world of work has changed and as a Market, we are learning to adapt to a new environment. The dust has far from settled and businesses and individuals are still carving out a new relationship. For 300+ years, the London Market has thrived through the power of personal relationships and connections, being built up through not only one’s direct working colleagues, but across the wider population, who make up our incredible global broking and underwriting centre.

A training ground like no other

The close working proximity of this Marketplace has enabled this unique ecosystem to develop, unlike any other marketplace, probably on the planet. Having 50,000 people working within a 400 metre radius, with Lloyd’s at the very heart, supported by a variety of learning and hospitality options, has always presented an exceptional opportunity. However, like any operating model, a change in dynamics can create risk and even a decline.

Generation after generation of young professionals have entered the industry and learned a “profession” by listening to the careful guidance, learning and stewardship of those more experienced industry colleagues. I recall my very first London Market experience was shadowing a highly experienced Claims Broker, by carrying his files around the Market and sitting in on every meeting with an underwriter, carefully studying everything from technical conversation to the body language and art of persuasion. This was supplemented by those social interactions with a much wider group of Market professionals in the various hostelries around EC3, where I was introduced to many other people, some of whom I still know and talk with to this very day.

The risks of an evolving operating model?

This whole model has historically been built on physical interaction, but the COVID Pandemic completely disrupted this and for some young people, this has created a degree of anxiety. Not only did young people experience a detachment from the wider EC3 ecosystem during the pandemic, but in our subsequent migration to a hybrid way of working, there is still some apprehension, that our “training ground”, akin to a first class medical school, is being somewhat eroded, thereby slowing down the rate of learning and just as importantly, our ability to build trusted relationships. We all know the power of that walk down “Lime Street” where we bump into three or four people we’ve got to know in our early careers and stop for those impromptu chats, which then lead to a re-engagement and even more business opportunities.

Whilst there’s an appreciation that the world of business, including our globally respected marketplace, needs to move on and embrace a modern working culture, many believe that the transition needs to be undertaken in a considered way, especially in relation to the development of our young people. I believe those more experienced members of the community, which includes myself, now need to ensure that we play our part in disseminating knowledge and supporting the next generation of leaders. We all realise that teaching younger children remotely over Zoom or Teams was necessary during the pandemic, but there is a wide realisation that it’s not something that can be replied upon in its entirety in the longer term. This is most probably the same for our own younger professionals, especially those who are venturing into our Market through an apprenticeship or early graduate scheme.

LMF – Proud to play our part

At LMF, we get to meet a significant number of young people every year, from almost all of the companies across our Market. I personally mentor a handful of young professionals too, and provide, I hope, some wisdom, guidance and inspiration. Some companies have supported their young colleagues well during the pandemic whereas others, quite understandably, have had to focus on supporting their wider colleagues and clients through what has been a most challenging time. We’ve seen a big increase in the numbers of young people wanting to be part of LMF, as it provides a unique learning, networking and collaboration opportunity, alongside senior professionals across many disciplines from EXCO, to change and operations, technology, reinsurance, cyber, delegated authority, risk, legal and compliance and beyond.

Leaders of Tomorrow

LMF has always had a passion in supporting the young people of EC3, through a number of our events and initiatives. Our annual Leaders of Tomorrow Conference has become a firm favourite and attracts apprentices, graduates and rising stars from across our Market who get to hear from our leaders, movers and shakers, as well as experts who sit outside the magic circle of EC3. We are extremely grateful to John Neal, CEO at Lloyd’s, Dennis Mahonney, Chairman of OneGlobal Broking, Dominic Christian, Global Chairman of Aon Reinsurance Solutions and Mike Walsh, Managing Director at Allied World, to name but a few, for their support with this conference.

This year, the event will take place on 17th November and we invite young professionals to be part of it and hope that Market companies will again support this well attended gathering. In addition, LMF, in close working partnership with our young professional members, is forming a new Group called our Leaders of Tomorrow Alliance, with an exciting programme of educational and social events, plus some interesting additional activities – more to be published about these soon!

One common message

In my role, I get the opportunity to talk to groups of young people in various settings, including meetings of young professionals inside underwriting and broking firms, as well as talking at schools and universities. There is one common message. All seek the opportunity to learn directly from those more experienced members of the insurance community and this is increasingly difficult through a webcam.

Let’s continue to share the knowledge

Whilst hybrid working is probably here to stay and may provide convenience for a number of people, and benefits too, let’s not overlook the importance of developing the next generation of leaders. In my opinion, the development of learning and networking opportunities for young professionals cannot be overstated. At LMF we are pleased to play our part in helping to support our leaders of tomorrow in their professional development, be that educational or networking, as well as social skills.

Whether you’re a leader or young person in our market, come and be part of the LMF community engagement programme. We are proud to continue to operate on a Not for Profit basis for the benefit of the whole of the London Market. LMF – putting professionals at the heart of the insurance discussion.

Visit our Events Centre and get involved

If you’re not a Member, sign up today – it’s free for Market practitioners and a great way to stay in touch and make new connections.

Coming soon – A new Community Membership programme – stay tuned!

Roger A. Oldham - Founder & Managing Director at The London Market Forums.

Roger has over 30 years frontline experience in the London and international insurance markets at executive level. He is an experienced and qualified Mediator, having trained with the Chartered Institute of Arbitrators in London. He specialises in insurance disputes on a global basis, but is experienced in handling all forms of commercial dispute.

Roger is also know for founding and running the successful and popular Market networking and educational group, London Market Forums. The group brings thousands of professionals together every year. LMForums is free to access for all insurance professionals and is supported by a select number of quality industry suppliers and advisors. Roger also created the Market People Magazine and is the executive producer behind the very popular Market People Awards.

He is also a leader in operational excellence and business transformation, as well as a qualified coach, mentor and experienced trainer. He has been responsible for driving change in the industry all over the world. He is a regular speaker at industry related conferences about industry change, modernisation and operational improvement and runs two popular professional members' clubs.

During his career, Roger has been responsible for functions and teams at firms such as Aon, HSBC and Marsh. He has led claims teams, multi-region operations and change projects in the Middle East, Far East and North America.

He became one of Aon's leading claims troubleshooters, working with the Chairman's Office, travelling all over the world resolving disputes.