Innovating in a pandemic

The world saw unprecedented disruption in 2020 brought on by the spread of COVID-19. As countries around the world went into crisis management mode, people everywhere were forced into finding alternative ways to continue to work and conduct their daily lives.

London Market trading and operations swiftly went online as the City emptied. Existing technology that aided operations, such as Placing Platform Limited (PPL), saw an immediate rise in usage, and new technology-aided methods were hatched and deployed. However, the changes in communication methods also meant that advances made during the pandemic were not widely publicised or talked about.

The London Market has suffered from a reputational perspective as of late, particularly in the limited publication of innovative advancements. To address this, the CII London Market New Generation Group 2020-2021 conducted an online survey and interviewed more than a dozen individuals across various roles and positions in the London Market. This enabled them to understand the participant’s views on innovation within their organisations and across the
London Market.

The survey results and interviews indicate that whilst innovation in the Market is considered to be important to the overall development and sustainability of the Market, there are three main challenges that require addressing which their report explores:

• There is a conflict between the importance of innovation and the current culture
• The current rate of innovation is inadequate
• There may be a reputational impact to the Market stemming from insufficient innovation

Crucially there are a number of opportunities that the London Market and companies could take that their report explores:

• Agree to a single definition of innovation at organisation level
• Improve innovation culture
• Promote innovation news and successes more effectively

The members of the CII's London Market New Generation Group 2020-2021 are:

• Zeynep Arantekin ACII, Vice President, Marsh Limited
• Gaia Gylebrant ACII, Innovation Manager, Talbot Underwriting Ltd
• Huyen Pham ACII, Upstream Energy Underwriter, AEGIS London
• Khalil Saroufim MBCS, Application Consultant, QBE Insurance
• Abigail Sharpe Dip CILA, Reinsurance Claims Adjuster, Everest Re
• Kirsten Shastri FCII, Specialty Lines - Life Sciences & Healthcare, Beazley Group
• Beau Strong ACII, Insurance Manager, BP
• Harriet Tiplady ACII, Broker Relationship Manager, Allianz Global Corporate & Specialty
• Stephanie Wong, Senior Business Systems Analyst, Amwins Global Risks

Read the executive summary HERE

Read the report HERE