People will remain an essential ingredient in the insurance market... 'the human factor'...will continue to be a critical success factor in attracting and retaining business. So, if it is people that really make the difference, what does this mean for individual London Market players in terms of competing more effectively in the front line and securing a prominent place in the highly competitive global insurance market?
The key lies in having the right business strategy - essentially, knowing where and how to compete, and having a compelling proposition to chosen markets - and then using great talent to deliver that strategy to best effect. Much has been reported about growth being threatened by a skills shortage in the industry, and this is a challenge that should not be underplayed. But for those firms that compete aggressively by successfully delivering the right strategy, their reputation will shine in the global market place and their brand will act as a beacon for attracting the top talent to their organisations going forward.