LMG and LM TOM News

A change for the better

Change can be challenging. New situations and new ways of working are unsettling, not always welcome and can even seem threatening. However, change is necessary to remain relevant and competitive in the global market place and can also bring new opportunities.

The key to successful change is through the people who are involved in the change, whether that’s leadership teams, project teams, market Associations or those who will need to work differently as a result of the change.

Significant change experience

Allen Bruce has recently joined the London Market Target Operating Model (LM TOM) team to help the London Market navigate its way through its very own significant change – the LM TOM programme. This is a key element of the London Market’s modernisation plan and the need to change is reinforced by the findings of the latest London Matters report, which confirmed that whilst London remains the largest global centre for insurance, it is losing market share to other global faster growing insurance centres.

Allen is a dedicated change professional who has worked on numerous change projects including target operating models, shared service strategies, acquisitions, divestments and mergers. With many years experience of managing change specifically in the insurance market, he is well equipped to lead the change management efforts for the London Market.

Building understanding

“There is often a level of healthy cynicism when it comes to rolling out change programmes,” he says. “People generally have a fear of the unknown, which can build resistance to change. When change management is applied and communicated effectively change programmes are generally 30 percent more likely to be successful. Change management includes engaging with those involved in the change, building a very clear sense of the need for change and helping people understand the role they can play a role in enacting that change. This will very much be my approach for the LM TOM, by working with Associations and market firms to engage and build understanding at all levels of the market.”

The LM TOM has two principles at its heart - one touch data capture and enhanced shared central services. Although some elements of the technology that form part of LM TOM already exist, and is there to support face-to-face negotiation, reaction has been mixed to the programme.

London’s strengths

“The Tom programme is designed by the market for the market and is building on London’s strengths, but it is shaking up the way that business is done in London,” explains Allen. “It will require learning new processes, new ways of doing things and technology changes, so a reluctance to embrace the changes by some can be expected.

“Communicating the business benefits of the changes and how they align with the market’s business needs and a market firm’s own business needs are important. However, it’s equally as important to understand the driving force behind this change – the need for the London Market to remain competitive within the global market to survive and grow. We are therefore taking a strategic market engagement approach to change management for the LM TOM to ensure that we can take advantage of this major opportunity to modernise the London Market. We are working with CEOs, COOs, CIOs and change leads to help them understand both the need for change and how to plan for it. And we will, of course, support them through it.”

An opportunity to modernise and grow

“LM TOM is an amazing opportunity for the London Market and we can’t afford to let this chance pass us by,” says Allen. “If the LM TOM team can help market firms understand the need for change, engage their employees with that change and plan effectively for delivering change, we can achieve what the market has set out to do – modernise and grow.”

The LM TOM is working with the LMA and IUA and has established a Carrier Change Network Forum for senior carrier leaders and change practitioners. It is also working with LIIBA for engagement with brokers. For more information, please contact: Allen.bruce@lmtom.london

 

Allen answers a few questions about change management

 

What are the key skills that a successful change manager needs?

Resilience and perseverance, an expert listener with a strategic approach and the ability to deliver on the detail - combined with commercial awareness and an understanding of the issue to be solved.

What does change management focus on?

Market firm liaison, designing and delivery of training, clear communications, facilitation of adoption through change management strategies and plans that maximise adoption and usage by market firms and their employees.

What’s your favourite quote about change and why?

“We cannot change anything until we accept it.” Carl Jung, Swiss psychiatrist and founder of analytical psychology.

“Acceptance needs to be earned by helping people understand the necessity for change and how they can play their part in its success. Positive change doesn’t usually happen by itself,” explains Allen.