Began long-term cultural change
Inclusive behaviours pledge
Committed to creating an inclusive marketplace
Being honest and accountable
Building on our pledge
The Inclusive Behaviours Pledge
Lloyd's is committed to creating an inclusive marketplace that attracts the most talented people in the world, within and beyond the insurance industry. To achieve this, in 2019 we set out a comprehensive programme of actions to drive long-term culture change in the Lloyd's market.
The five-point action plan as a foundation to drive change
In March, we announced an action plan developed in collaboration with the managing agent and broker associations, LMA and LIIBA, in response to reports of inappropriate behaviour in our marketplace. This initial five-point action plan included a wide-ranging set of actions aimed at ensuring a safe and inclusive working environment in the marketplace. The actions included:
- Provision of an independent bullying and harassment support line set up to provide confidential advice and support for those experiencing inappropriate behaviour at work, helping them decide on their next steps
- Provision of training focused on prevention, as well as reporting and supporting those who have been subjected to inappropriate behaviour
- Strengthening Lloyd's sanctions for any individuals found to have behaved inappropriately, including fixed period and life bans
- A comprehensive review of policies and practices across the Lloyd’s market, with a view to identifying and sharing best practice
- Commissioning the Banking Standards Board to conduct an independent, market-wide annual culture survey to help understand the working cultures that exist across the Lloyd’s market, including standards of behaviour and conduct, and to inform further all approaches.
Being honest and accountable for taking action
The Banking Standards Board market-wide survey took place in May 2019 and was the largest culture survey ever conducted in the insurance sector. The findings of that survey painted a more complex picture of the culture challenges that exist in the Lloyd's market. To address the key themes that emerged and to further accelerate culture change across the market, a set of targeted signature actions were put in place. These were:
- Setting up an independent Culture Advisory Group comprised of leading practitioners in cultural transformation, to provide expert advice and robust challenge to help ensure that Lloyd’s is taking the right actions to effect sustainable and measurable change
- A Gender Balance Plan setting clear and measurable targets for improving the representation of women at senior levels within the Lloyd’s market
- Introducing a Culture Dashboard to closely monitor progress in the Lloyd’s market against key indicators of a healthy culture
- Setting Standards of Business Conduct requiring every person and every organisation operating in the Lloyd’s market to act with integrity, be respectful and always speak up
- Launching a campaign to encourage more people to speak up against unacceptable behaviour
- An enhanced focus on Wellbeing with a campaign in 2020 to raise awareness of personal resilience and mental health, with an expanded programme of workshops, events and resources
We will continue to build on these actions throughout 2020, including running a second market-wide culture survey to inform and guide our actions to ensure we continue to drive long-lasting cultural transformation.
In tandem, we are also building an increasingly diverse range of skills and experiences to develop customer-centric solutions as we deliver the Future at Lloyd's. This includes a strategic workforce plan to support the people and capability requirements across the priorities and solutions set out in Blueprint One, together with implementing new ways of working, including a mix of agile and traditional approaches.