Research by the London Market Group revealed that for many students, insurance lacks the high octane appeal of, for example, investment banking or private equity. Many are surprised that a career in insurance can be challenging, commercial, and creative. To address this, the market and the Corporation has been working to raise awareness of the sector with individuals who might not otherwise have been attracted to insurance. This ‘emerging talent’ as it is coined, comes to Lloyd’s from schools, colleges, universities and other routes.
2014 saw successful participation in Lloyd’s popular apprentice programme, an 18-month scheme aimed at young people entering the world of work straight from school. A new accelerated version of the programme, shortened to one year, was developed in 2014 and will launch in September 2015. 500 applicants have already applied for the eight places.
For those with a university degree Lloyd’s continued to run its successful graduate programme. In 2014, 93% of participants were employed in the market at the end of their placements. Looking ahead, the programme will become more structured with four six-month terms in broking, underwriting, claims, and at the Corporation.
Lloyd’s global expansion makes it important for the market to welcome talented people who possess international experience and speak other languages.
It is also important to build bridges with insurance professionals around the world who may be unfamiliar with the Lloyd’s market in London. The Lloyd’s Global Development Centre was launched in 2014 to facilitate this. The Corporation is also encouraging international secondments for high potential people already working at Lloyd’s.
During 2014 the inaugural Lloyd’s Mentoring Programme matched 21 individuals from across the market to work with more junior colleagues, distilling their experience for those at the very start of their careers. The technical training curriculum was also combined with modules on softer skills, including coaching skills for managers.
Separately, the highly regarded Developing Leaders Programme (run in partnership with London Business School), invited 22 senior leaders from across the sector and the Corporation to participate in a demanding 12-month programme.
Alongside these formal programmes over 400 colleagues in the Corporation, including representatives from many of Lloyd’s international offices participated in a variety of learning opportunities; subjects included forensic interviewing and project management. A highlight of the development year was the annual ‘Learning Week’, a five-day programme for Corporation staff consisting of short open workshops; 650 places were taken up on the 39 workshops, with a positive rating from attendees of over 95%.
As of 31 December 2014 there were 949 employees in the Corporation of whom 162 worked in international offices. 243 professionals joined the Corporation in 2014 and staff retention remains high with a turnover rate of 8%. The Corporation undertakes programmes to ensure Lloyd’s continues to be an attractive environment for talent at every point of their career, providing ongoing management and development opportunities.
In 2014, the Lloyd’s market showed its commitment to diversity with the launch of Inclusion@Lloyd’s, a cross-market initiative to promote an open and inclusive culture. By making a strong business case, the LMA and leaders from across the industry led by Dominic Christian, Executive Chairman of Aon Benfield International and CEO of Aon UK Limited, set ambitious objectives to enhance diversity and inclusion across the market. The efforts of Inclusion@Lloyd’s have been amplified by growing membership of popular grass roots networking groups set up by employees during 2014.
Lloyd’s flexible working policy was reviewed and relaunched across the Corporation in response to feedback and interest from staff. Regular feedback is an important means of ensuring policies and processes are serving all parties. The 2015 employee survey received a positive response rate of 84%. Satisfaction with working for Lloyd’s is high at 91% while 96% of employees agree they are proud to work for Lloyd’s. Overall engagement is strong at 84%.
Retaining talented people in both the Corporation and in the market continues to be an imperative. The Corporation’s benefits and compensation market data were reviewed in 2014 to ensure they are competitive and there was a focus on the provision of attractive policies and benefits globally.
More attention was also given to celebrating individual and team wins, helping individuals understand the total value of their remuneration, their benefits and other allowances.Close Download this section