From Brexit to Insurtech, English speakers have always loved putting two words together to make a shiny new one. The concepts seem fresh and original, but there is in fact nothing new under the sun – BoJo knows this, and J-Lo does too.
Yes the world is changing, but it is talented people that are driving change, not buzzwords. And while it’s good news that UK Brexit secretary David Davis has committed to protecting talent within financial services after Brexit, the London Market must work harder to ensure that the next generation of insurance and technology professionals recognise the opportunities that our sector offers.
After all, what is the benefit of protecting the mobility of workers and professionals across the European continent if none of them actually want to work in insurance? The London market in particular needs to continue innovating its working environment and culture to be able to attract and retain the kind of talent capable of driving the industry forward.
Break through protectionism
Our industry has been guilty of protectionism, in the past this has made it almost impossible for innovative minds from outside to break through and make a tangible difference. And while London is a gateway to global financial markets, excelling at competing internationally is a hallmark of success by anyone’s standards. Team members don’t necessarily have to be based at the London office. The technology exists for seamless, flexible remote working – so mobility is vital.
Brokers must now do much more than just sell insurance in order to prosper. They must leverage their position as intermediaries in order to attract new, skilled professionals . Lloyd’s brokers are used to being problem solvers, fixing dealing and cultivating international relationships on a daily basis, so the Brexit challenge is not only one that we will be able to cope with, but also one that will present an opportunity.
Growing in new sectors and geographies
AFL has embarked on a far-reaching expansion plan and are growing our business in new sectors and geographies. Fluent in over 15 languages, our multifaceted team embodies our core values. We celebrate diversity in our colleagues, in thought and in contribution. At the same time, our independence allows us to focus entirely on our clients’ needs.
Our modern offices and flexible, open approach place value on contribution and motivation, rather than the number of hours spent at your desk. We recognise natural curiosity and a positive attitude towards work as the key traits which engender idea sharing and innovation.
We recently appointed a new Associate Director of Innovation at our Incubator unit, which itself is attracting cutting edge technology ideas ripe for acceleration. Insurtech is not just a buzzword to us, and it’s certainly not some sort of alchemy to be kept at arm’s length, ring-fenced into a vanity innovation unit that doesn’t really serve any kind of practical, investigative purpose.
We’re breaking the mold in insurance, but in order to stay relevant on the international playing field we need the London market to make innovation of working practices and environment part of its institution, and key to the mindset of everyone in the insurance chain.
According to Dictionary.com, the word of the year for 2017 was ‘complicit’. Indeed, for too long, the insurance industry has been complicit in its own lacklustre appeal for young professionals. As we look ahead to the next 12 months, it is clear that only by standing out from the global crowd will our market enthuse the next generation.
Doubtless there will be new words coined in 2018, and we can’t wait to play our part in shaping that conversation towards something altogether more positive and exciting.
