MOTION

The London Market is failing to adequately encourage innovation, entrepreneurialism and talent, leaving its position as a global leader under threat…

…but how do you get buy-in, advocacy and ultimately culture change when innovation is so closely associated with the burning platform?

OVERVIEW

When looking at product-based innovation it’s hard to ignore the impact the Internet of Things is having on the market. Wearables that monitor health, and devices that monitor speed on cars, are making customer far more risk aware. With this awareness comes a rise in risk mitigation, which some may feel could lead to reduced risk transfer and disintermediation.

Process-based innovation comes in the form of back-office efficiencies and automation – the robots are coming. With segments of the industry having the scope to automate over 80% of their processes, human workers will need for a stronger value-proposition to take on ‘judgement’ roles in a greatly reduced human workforce.

It’s no surprise that these types of changes, though much needed by the industry, are approached with caution, which has led to lengthy implementation processes. So how do you foster a desire for innovation within your workforce?

With agile, ‘fail-fast’ start-ups emerging and disrupting the status quo, the London Market is running out of time to solve the conundrum.

In order to keep up with the changing needs of the modern customer – and indeed to entice and retain a millennial workforce – innovation needs to become part of the London Market’s culture, fast.

KEY DISCUSSION POINTS

Is the London Market innovating enough?

Can innovation be approached in a ‘traditional’ way? Or are slow, clunky processes the first stumbling block?

How does the London Market ‘pick up pace’ with its innovation to tackle start-up disruption?

Should product innovation be approached differently to process innovation?

Are the companies in the Market helping or hindering – are they sharing innovation best practice, or holding cards close to its chest?

How do we avoid throwing the baby out with the bath water – are we trying to ‘fix’ the things that aren’t broken? [What are we trying to achieve through innovation?]

Are companies still paying innovation lip service or are they really trying to implement change?

Is a lack of innovation impacting the industry’s ability to attract talent?

What schemes are in place to engage the workforce in innovation?