UPFRONT
EDITORIAL
The future is already here
T
he “most advanced marketplace in the world.” That’s what Lloyd’s of London set out to become when it launched Blueprint One at the end of September. In the document, Lloyd’s outlined six initiatives that it believes will give it a heightened focus on digital, data and technology. This isn’t the company’s first step toward modernization this year. Back in March, on the back of a sexual harassment scandal, Lloyd’s offered another ‘breakthrough’ by introducing women to its governance committee. While the company should be applauded for taking steps in the right direction, it seems a couple decades too late to get up to speed on technology, and giving women more of a presence at the top is closer to a century behind the times. And Lloyd’s isn’t alone – these are industry-wide problems. Over in the UK, April 2019 marked the second annual deadline for companies with at least 250 employees to disclose gender pay gaps. The results were disappointing, particularly in insurance, where women earn, on average, 22.9% less than men. This is in a country where the Dive In Festival was born and where initiatives like Insuring Women’s Futures exist – what would similar mandatory reporting tell us here in the US?
Insurance is so resistant to change that by the time it jumps on the bandwagon, it seems like there’s a faster locomotive already waiting in the station Similarly, insurance is awash with initiatives to attract more millennials to the industry. Yet millennials are people born between 1980 and 2000 – so while some may be the innovative, straight-out-of-university thinkers the industry is desperate for, they’re just as likely to be pushing 40. Gen Z – those born from the mid-1990s to the mid-2000s – should be the real target demographic. This is the stumbling block the industry constantly faces – it’s so resistant to change that by the time it jumps on the bandwagon, it seems like there’s a faster locomotive already waiting in the station. This is where customers’ negative perceptions emerge and why attracting a new generation of employees has been so difficult. It’s no longer about producing a blueprint for the future while everybody else moves on – it’s about making changes now. The team at Insurance Business America
www.ibamag.com MAY 2017 EDITORIAL
Managing Editor Paul Lucas Editor Bethan Moorcraft Journalists Alicja Grzadkowska, Nicola Middlemiss, Ksenia Stepanova News Writers Lyle Adriano, Terry Gangcuangco, Roxanne Libatique, Gabriel Olano Staff Writers Ellen Burkhardt, Tom Goodwin, Libby MacDonald, Lucy Saddleton, Ryan Smith Copy Editor Clare Alexander
CONTRIBUTORS Ryan Collier, Michael Rabinowitz, Aytekin Tank
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SALES & MARKETING Vice President, US Market Cathy Masek Vice President, Sales John Mackenzie Media Sales Managers Chris Anderson, Desiree McCue Global Head of Communications Lisa Narroway
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