Lloyd’s of London must make sure millennials and zoomers are playing a part in creating the marketplace’s future, the trade body that represents Lloyd’s insurers has said.
In a new manifesto, the London and International Insurance Brokers’ Association (LIIBA) called for a return to the underwriting room, as it argued younger generations will be vital to ensuring the insurance sector’s future.
“We need to ensure that discussions about change and modernisation are driven by market participants of the future,” LIIBA’s chief executive Christopher Croft said.
The trade association chief called for “baby boomers and Generation X” to move aside and give “millennials and zoomers” a place at the table.
“These are people who have no concept of a world without the internet or 24/7 connectivity,” Croft said. “We need to listen to their views as we collectively build the marketplace of the future.”
The plans will see the Lloyd’s association launch a focus group to listen to younger employees’ views on forming the London insurance market’s future.
Croft’s comments come after research from EY showed that not a single UK financial services firm has a single board member under the age of 40.
The EY research showed the average age of a man sitting on a financial services company’s board is 61 while the average age of a woman on a financial services firm’s board is 58.
The LIIBA report also called for the “full restoration” of “face-to-face” trading in Lloyd’s underwriting room, following the launch of insurance broker Tyser’s December ‘back in the room’ initiative.
“Having spent much of our energies in the last two years reacting to external change, we believe 2023 will see the London insurance market focusing on shaping its own destiny,” Croft said.