2022 Culture Dashboard

Transforming culture in Lloyd’s

This year we launched Lloyd’s Culture Strategy which describes how we define, engage and measure progress on culture across the Lloyd’s market.

Our aim is to transform culture in Lloyd’s by embedding inclusive practices that enable high performance. We aim to change perceptions of the industry so that it becomes a destination of choice for global talent.

We work with the market by measuring progress, engaging with market-wide forums such as Inclusion@Lloyd’s and upskilling through awareness raising, workshops, roundtables, sharing best practice and providing guidance, training and resources.

Read our Culture Strategy

We have also launched our Culture Principles, as part of our oversight framework, to provide a focus for improving culture across the Lloyd’s market. The Culture Dashboard sets out key data points which outline progress against our Culture Principles.

Our Culture Principles

Demonstrate leadership focus on fostering an inclusive, high performance culture.

Ensure behavioural expectations are clear and there is zero tolerance for inappropriate behaviour.

Encourage speaking up, ensuring there are appropriate tools for employees to do so, and the tone is set from the top.

Ensure diverse representation within their workforce and their leadership population. Be inclusive in how they hire and retain talent and ensure they reflect society and their customers.

Understand their employee population, collect appropriate data and take action to create an inclusive employee experience.

2022 Culture Dashboard

It is pleasing to note that engagement with both the Market, Policies and Practices (MP&P) return and the Culture Survey improved in 2022.

93% of managing agents and brokers responded to the MP&P return, an improvement of 12% on the previous year. Participation in the Culture Survey also increased, up 54% to over 9,500 people responding, representing 35% of the people working in the Lloyd’s market.

Both the MP&P and Culture Survey show progress across nearly all dimensions.

Data collected via MP&P demonstrates diversity is increasing within the Lloyd’s market generally and that gender and ethnic diversity has improved, albeit at an incremental rate. The data also demonstrates improvements to policies operated by market firms and an increasing focus of leadership on culture as a Board issue.

18 firms achieved or exceeded the 35% women in leadership target and 63% of firms increased the representation of women in leadership in the last year. Ethnic diversity in the market increased to 9% and 11 firms have achieved the 1 in 3 ethnic minority hiring ambition, with baseline data showing 15% of new hires having an ethnic minority background. This is good progress and the data in the culture dashboard demonstrates improvements across a range of areas.

The Culture Survey shows pleasing progress. Nearly all questions improved, building on progress from previous years. The most positive themes were leadership (particularly support during the coronavirus impact), competence and respect with the lowest scoring themes being responsiveness (processes and practices) and resilience (work pressure).

Our summary

Numerous data points demonstrate improvement, however we cannot be complacent. Where progress is happening, specifically around diversity, it is incremental and still requires sustained focus.

There are some clear areas for improvement including:

Diversity data collection for ethnicity, disability and sexual orientation
Closing gender pay gaps and implementing ethnicity pay gap reporting
The implementation of drug and alcohol policies
Continuing to increase diversity in leadership
Processes and practices
Being under excessive pressure to perform
Closing gaps in the perception of inclusion for a number of diverse groups

Over the next 12 months we will work with the market to gather and share good practice, upskill and develop resources and guidance to support continued improvement. The overall picture painted is one of steady incremental improvement towards an inclusive and high performance culture, though there remains much to do.

Mark Lomas - Head of Culture, Lloyd's

Download

Download the 2022 Lloyd's Culture Dashboard.

Download

Supporting notes

The Market Policies and Practices (MP&P) return was conducted in January 2022, and collected data from managing agents and brokers as at 31 December 2021.
The Culture Survey assesses the strength of components of a healthy, effective organisational culture. It is based on the Financial Services Culture Board (FSCB) Culture Framework, with some additional questions specific to the Lloyd’s market.
It is open to managing agents, brokers, members agents and Corporation employees.
This is the third time the Culture Survey has been run across the market, the first time was in 2019, then October 2020, and most recently in March 2022.
In 2022 there were 9,508 responses to the Culture Survey, with 74% of responses from managing agents, 14% from brokers and 11% from the Corporation.