Introduction

Welcome from our industry leaders

Dominic Christian, Chair Inclusion@Lloyd’s, Global Chairman of Aon’s Reinsurance Solutions business

Welcome to the new Holding Up the Mirror report. As we report on our progress across the market, we do so in context of the events and findings of D&I within and outside the insurance industry.

Looking back, the last 12 months has been significant for diversity and inclusion in insurance. This is for a number of reasons, many inspiring, but others undoubtedly challenging. Inclusion@Lloyd’s has been faced with tackling some of the bigger challenges, such as those the media shone a light on earlier this year addressing instances of harassment and bullying that had gone unchecked. Lloyd’s swift and decisive action, implementing new measures to create a safe and inclusive working environment for all, has sent a clear message of zero tolerance.

The part we play at Inclusion@Lloyd’s is to provide the governance, strategy and resources to build a clear picture of best practice that firms can work towards. A key part of the effort is to actively listen to what people have to say about the Lloyd’s market culture and their experiences to understand where we are now and where there is still work to do. After commissioning in-depth market-wide independent research, we will be developing the ‘courageous bystander’ initiative to empower everyone to own the culture and take positive action to create an environment that we can all be proud of.

Beyond the insurance sector and our efforts at Inclusion@Lloyd’s, transparency in D&I reporting is growing in importance in all sectors. As well as reporting annually on the gender pay gap, in the UK we are preparing for ethnicity pay gap reporting also. To help keep on top of these new demands, we have created a dedicated Inclusion@Lloyd’s website to make it easier to find everything we offer in one place.

The growing appetite for openness is making it possible to discuss issues that were previously difficult, normalising conversations that wouldn’t have been easy even as recently as four years ago when the first Holding Up the Mirror Report was published.

Mental health and wellbeing is the highest-profile example, but support is also growing for families, with many firms going above what is required by law to shared parental leave, understanding of the need for time to address family caring responsibilities of parents as well as children. These issues, along with faith at work and many others of equal significance, are reflected in the agenda of the international Dive In Festival report for 2018 and the plans for 2019 – a milestone fifth year of continued growth which we will celebrate with an event hosted by the Bank of England in London, where the festival was first conceived.

Those who are leading the D&I charge inside of our organisations will remain close to us, working in collaboration as we have done this year with the London Market Group (LMG), whose support we are delighted to have again this year in the presentation of this report. Working together, sharing resources and experience feels like the very best way to ensure we build workplace cultures that we can be enduringly proud of.

Clare Lebecq, CEO, London Market Group

It is a pleasure to introduce this latest ‘Holding up the Mirror’ report. Its publication is timely as the London Market is on the brink of fundamental change which will require new talent with the right attitude and skill set, energy and creativity to help it maintain its leadership position in the future.

I am encouraged that strides have been made in building a more inclusive working environment across the market, and there have been many excellent initiatives throughout the past year. At the LMG we have been delighted by the support that our Diversity & Inclusion (D&I) showcase events have had, and the positive feedback they have received. These events are designed to demonstrate successful D&I initiatives and inspire London Market firms with positive stories from other industries. The neurodiversity event, which demonstrated the specific and beneficial skills that people on the autistic spectrum can offer the London Market, is featured in this report, and is an excellent example of this work in action.

There is no room for complacency as there is still much work to be done. The gap between where we are today in terms of skills and what we need to make the most of future opportunities is wide. The changes the market is facing means that it urgently needs to attract a new and diverse set of ambitious people inspired by innovation and change, and to do this, we must widen the talent pool to include greater diversity of gender, ethnicity, age and thought. A failure to meet this challenge will be a systemic threat to our future as a world-leading specialty insurance hub.

About Inclusion@Lloyd’s

Inclusion@Lloyd’s (I@L) is the steering group for diversity and inclusion strategy, governance and best practice in the Lloyd’s market. Made up of C-suite executives from 15 organisations, its mission is to champion and facilitate awareness and adoption of diversity and inclusion best practice to attract and retain the best talent.

A diverse market with an inclusive culture will be more resilient in the face of growing global complexity thanks to its ability to attract and retain talent. Different perspectives and diversity of thought encourage innovation that strengthens the role of Lloyd’s in the global risk marketplace.

Over the past four years, I@L has observed that executive sponsorship of D&I initiatives remains paramount, particularly in reaching time-poor middle managers, one of the hardest employee demographics to engage.

About The London Market Group (LMG)

The LMG is a market-wide body, bringing together the specialist commercial (re)insurance broking and underwriting communities in London. It is supported by the International Underwriting Association of London (IUA), Lloyd’s of London, the Lloyd’s Market Association (LMA) and the London & International Insurance Brokers’ Association (LIIBA). It speaks collectively for market practitioners and aims to make London the leading client-centric global provider of specialist commercial (re)insurance knowledge and solutions. A key element of the LMG’s work is to help develop a deep, diverse talent pool for the London market and promote it as a first-class employment choice to new and existing talent pools – whoever they are and wherever they are from.