A global perspective on opportunities in the hardening market – Matthew Moore, President & Managing Director, Liberty Specialty Markets
In this week’s wide-ranging episode in The Voice of Insurance podcast, we have the opportunity to hear Matthew Moore, President and Managing Director, Liberty Specialty Markets (LSM), speak about his views on the opportunities in the hardening market, and why he thinks the aggregate reserve strengthening won’t be as brutal this time compared to the 2001-2003 period.
Currently serving as the chair of industry trade body the London Market Group, and overseeing a specialty, wholesale and reinsurance operation with gross written premiums of $7bn, Matthew shares his perspective on the future of the insurance industry, in particular the London Market, Lloyd’s Blueprint Two, algorithmic underwriting, the impact of Covid-19 and his vision for LSM.
Has London succeeded in making itself more attractive?
As chair of the LMG and starting his insurance career in London, Matthew speaks about his passion for the London Market and why he’s personally invested on every level within the London insurance sector. As the conversation turns to the modernisation strategy for the London Market and Lloyd’s Blueprint Two, Matthew points out that fundamentally, everyone agrees with the plan, “…it feels like the London Market for a number of reasons is pointing in the same direction” and that there is a huge impetus to put the past behind us, which has required overcoming a legacy of past modernisation plans that weren’t successful in reforming the market.
However, as he points out, the reality is that London is in the execution phase, and “the challenge is that this will only work if it is a London-wide initiative.” Podcast host Mark recently spoke with John Neal, CEO, Lloyd’s of London, to discuss turning Lloyd’s business performance around and its future vision.
How important is culture in organisations?
Creating a winning culture that fosters diversity, innovation, and untapped potential that encourages people to try new ideas without the fear of failing is key for the insurance industry’s aim to reinvent itself and succeed with its modernisation plans. Culture also potentially can make or break an organsiation’s ability to thrive in the digital age.
Matthew discusses his views on culture and suggests that although there is no magical elixir, a company’s culture directly impacts how customers and stakeholders are treated, and in particular, how culture is now more important than ever to support the modernisation efforts within the London Market, “I think culture is just huge, and I think that maybe it’s about a connection between mutuality, longevity, and strong culture which has been invaluable in this particular phase.”
We highly recommend you listen to this engaging, thoughtful, and insightful podcast.