Talking and listening A new committee set up to facilitate communication between Lloyd’s and its local agents couldn’t have come at a better time By John Deex
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efore Lloyd’s launched its future strategy Blueprint One, it embarked on the largest consultation exercise the 334-year-old institution has ever seen. As the London-based corporation considers the crucial next steps in its evolution, communicating with the various parts of its broader marketplace has never been so important. In the spirit of continuing that theme, a new Asia Pacific steering group has been established to create closer connections between Lloyd’s and managing agents in this region. The Lloyd’s Asia Pacific Market Strategy Group is chaired by Singapore-based Canopius Asia Pacific Chief Executive Mark Newman, with committee members Alex Dugand, Regional Managing Director for Tokio Marine Kiln, and Christian Stobbs, Managing Director Asia for Markel International. The trio visited Australia in February to get the work of the committee – which is comparable to London’s Lloyd’s Market Association – rolling. “We’re an elected group representing service companies, underwriting divisions and managing agencies with boots on the ground throughout Asia Pacific,” Mr Newman tells Insurance News. “It’s a group designed to represent the interests of all the managing agencies, to protect and promote their interests, and to make sure that we are aligned in common purpose and interest with the corporation of Lloyd’s.” Mr Newman says there was previously “a bit of a gap” between the priorities and strategies of the individual managing agencies, different countries within the region, and the corporation of Lloyd’s. “Knitting together” and aligning the interests of all stakeholders is crucial in the light of Blueprint One.
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“One of the key objectives is actively participating in and working closely with Lloyd’s to shape that Blueprint and the strategy in this region, because it may be different from North America, Europe and the London market,” he says. “There will be no greater tragedy than if the Blueprint at Lloyd’s is rolled out and the managing agencies and service companies don’t agree with it, haven’t had any input or commitment into it and it is completely misaligned. It would fail. “One of the biggest responsibilities that we have is to bridge that gap and make sure that we are helping the corporation to bring along all the managing agencies represented in the region in terms of communication, contribution to its design and just making it come to life. “It’s about winning hearts and minds.” Mr Stobbs agrees that the group has a fundamental role in implementing the Blueprint as it works with Lloyd’s during an “incredibly important and exciting year”. The implementation will need to be carried out with the needs of Asia Pacific firmly in mind, he says. “This group can help gather that consensus and gather input from the market to ensure that we are supporting Lloyd’s in this increasingly important part of the world. “We’re out and about trying to understand from the stakeholders, the brokers, the managing agents and service companies, what the needs and challenges are that we need to represent as Lloyd’s has this very important period ahead setting out its future. “Individually, as service companies and syndicates, we’re all quite small, but collectively we provide a huge amount of support to the market. “In Australia Lloyd’s is the fifth largest provider
