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LIIBA publishes “Our face-to-face future” paper

Link(s):LIIBA-our-face-to-face-future-press-release-FINAL.pdf

Context

The LIIBA has published a paper considering the future trading model in the London insurance market.  Acknowledging that relationships are at the core of the London Market’s approach to trading, the paper points out that the Lloyd’s trading floor (‘the Room’) is the underlying foundation of that model.  LIIBA sought opinions of those who would be doing the trading, so gathered 55 younger brokers in four workshops from across the LIIBA membership.

Key points to note

  • LIIBA believes that face-to-face trading, and the Room in particular, are cornerstones of the London insurance market.
  • Participants were unanimous in their desire to see London continue as a relationship-based community.
  • In a survey completed before the workshops, 97% of respondents said that they would like their work life to be at least 50% in-person with half saying they wanted it to be predominantly face-to-face.
  • Face-to-face, relationship-based trading was something all participants saw as integral to London continuing to be able to deliver client outcomes other centres cannot; the Room can remain a significant competitive advantage if its status as a genuine trading floor can be restored.

Next actions

None – for information and awareness.