Culture Strategy 2022 – 2027
Lloyd’s Market
Mark Lomas, Head of Culture
28th March 2022

© Lloyd’s 2023

A more sustainable future
Our purpose:

Sharing risk
to create abraver world

To build for the long term, we have to think for the long term. And as we think about thethreats that will define our planet for centuries to come – from a changing climate to changing
technology – we see a role for risk management in every challenge. At Lloyd’s, we’re working
to protect our shared future and promote thriving communities. This includes working tosupport the global transition to a low carbon economy, through our work with the Sustainable
Markets Initiative and our net zero commitments, as well as investing in communities andcharities through our Lloyd’s Foundation.
Because when Lloyd's grows, society grows too.

Being braver isn’t about ignoring the risks; it’s about
understanding them, then finding a way to move
forward. We understand risk – and by working
together we can build a more sustainable, resilientand inclusive future.
More sustainable, creating long term growth thatserves not just the market, but the ecosystems andsociety we’re part of.
More resilient, using evidence and expertise to bebetter prepared and to protect what matters most.
More inclusive, building somewhere in which
everyone sees a place for themselves.
This is a braver future at Lloyd’s; working alongsideindustry leaders, policy makers and market partners
to enable the progress our customers want and theworld our children deserve.

A more resilient future
Climate change. Cyber insecurity. Geopolitical instability. The risks that shape our world, shape
our work at Lloyd’s. We’re building resilience by helping businesses and communities preparefor – and recover from – the most prevalent threats facing society today. Our researchcommunity, Futureset, is producing cutting edge research to help customers understand risks
and put plans in place to mitigate them. Our Lloyd’s Lab and Lloyd’s Product Launchpad areunearthing the ideas and innovations that will take insurance to the next level – pioneering
new ways to keep customers safe and thriving.
Through evidence, experience and expertise, we’re helping society prepare for the worst and toprotect what matters most.

A more inclusive future
Societies and organisations draw strength from the building blocks that make them up.
The wider the base, the stronger the structure. A braver future requires a broader spectrum ofideas, skills and perspectives. At Lloyd’s we want to build a workplace everyone can take part inand contribute to. We want to open our market to sharp minds, safe hands and savvy investors –wherever in society they come from. It’s why we’ve committed to ambitious gender and ethnicity
goals to make our market more diverse on all levels, but we know we have more to do.
Wider base, stronger structure – braver future.
2
Classification: Confidential

Lloyd's Strategic Focus
2022

Performance& RiskManagement

Digitilisation

Classification: Confidential

Purpose

CultureLloyd's ESG Approach:

Environment: Climate & Sustainability
Social: Culture & Communities
Governance: Reporting and management of our impact
Our Culture Strategy is part of our overall approach to ESG.

© Lloyd’s 2023

Classification: Confidential

Why is culture important to Lloyd’s?

We risk losing the
war for talent,because Insurance
is not a destination
career.

Diversity andinclusion aredemonstrably goodfor businessWe are expected toshow leadership,
and we have a goodstory to tell about
long term culturechangeCybl research 2022: Insurance 10th out of
16 sectors as ranked by school leavers

McKinsey: Diversity Matters Reports 2018
& 2021

Lloyd’s Market has risen from 19th of 30 to 8 on
FSCB Culture Benchmark between 2019 and2022, MP&P shows increasing diversity year
on year© Lloyd’s 2023

5Classification: Confidential

Our Journey…

How we started our Culture
work...

The future direction for our
culture work

We defined our Culture
principles and started theprocess of measuring culturein the corporation and market
defining aspirations for some
protected groups...

...we will now focus onembedding the culture principles
and take an inclusive approach
for all diverse groups including
social mobility, based on ourdata, insights and engagement
forums...

© Lloyd’s 2023
Classification: Confidential

Our strategic aim
To transform the culture in
Lloyd’s by embedding
inclusive practices thatenable high performance.
We aim to change
perceptions of the industry
so that it becomes adestination of choice for
global talent.
© Lloyd’s 2023

Our 5 Culture Principles
Lloyd’s should be diverse,
creating an inclusive andhigh-performance culture.
In order to support this,
Lloyd’s will:3.

Encourage speaking up,
ensuring there areappropriate tools for
employees to do so, andthe tone is set from the
top​.

1.
4.

Demonstrate leadership
focus on fostering an
inclusive, highperformance culture.

Ensure diverse
representation within theirworkforce and theirleadership population. Be
inclusive in how they hire
and retain talent andensure they reflect society
and their customers.
Classification: Confidential

2.
5.

Ensure behaviouralexpectations are clear
and there is zerotolerance forinappropriate behaviour.

Understand theiremployee population,collect appropriate data
and take action to create
an inclusive employee
experience.

How we organise our Culture Work:
Our work on culture is divided into the six themes set out below.
By utilising a thematic approach we give clarity to our people and the Market onwhat Lloyd’s means when talking about our culture work.

Wellbeing

Values &Employee
Engagement

Leadership
Capability

Diversity
Inclusion,
Conduct, Equity

MarketEngagement

Internal focus (Corporation Culture)
Classification: Confidential

MarketOversight

External focus

The Corporation© Lloyd’s 2023

Developing Leadership
Capability© Lloyd’s 2023

Our Leadership Development Model

Clarify thedevelopment
need• Talent review
process &successionplans• 360 feedback(Extraordinary
Leader)• Personal
development
plans

Development Activity

Experiential
learning

Development
programmes• Stretchassignments• ELG Quarterly
Insight
Sessions• Role change /rotations• Lloyd’s
Leadership
Programme(Henley)• Positive Action
Career
Programmes(Accelerate &Advance)• Inclusive
HiringSelf directed
learning• Leadershiptoolkit (Q3)
• Linkedin
Learning (via
workday)• Gartner
Manager
Success
Workshop andToolboxClassification: Confidential

Coaching &mentoring• Executive
coaching

Performance
feedback /measurement• Annual
performance
review• ELG Mentoring
offer (Q3)

• 360 feedback• Corporation /MarketSponsorship• Employee
engagement
results• Personal
networks• Culture survey
results• Strategic
scorecard

Mobilising leadership for culture change

Our key groups toaffect Culture
Change:• Exco• ELG• Line Managers
Supported by our Employee
Change Forums and Lloyd’s
Together Network

Note:
Exco = Executive Committee
ELG = Executive Leadership Group

Upskilling &Raisingawareness

Personal
Participation &Sponsorship

Driving teamengagement with
Culture activities

Implementing
actions toaddress
feedback

Classification: Confidential

How we measure Leadership Capability

360 degree feedback

Culture survey results

Employee engagement results

Performance against strategic scorecard© Lloyd’s 2023
Classification: Confidential

Diversity & Inclusion© Lloyd’s 2023

Our 5 year D&I development model
YEAR 1YEARS 2-4

YEAR 5

Understand thecurrent state

Measure maturity

Innovate

EngageInvolve

Co-create

Improvefoundations

Go global

Exemplar status

Classification: Confidential

How we will embed diversity & inclusion:

People Practices
Measure: Clear Assured Gold/Platinum status &Edge Leader Certification, Social
Mobility Employer, Armed Forces Covenant Goldstandard retained

Communications,
Events, & Community
Engagement

Inclusive Procurement& Supplier Diversity

Access &Accessibility

Measure: Clear Assured Gold/Platinum status

Measure: Disability Confident Leader Status,
Web Accessibility Accreditation

Data & Insights

Global Approaches
and practices

Measure: Peakon results above benchmark &Clear Assured Gold/Platinum status

Measure: Clear Assured Gold/Platinum status(global index)

Measure: Clear Assured Gold/Platinum status© Lloyd’s 2023

Classification: Confidential

Our engagement forums
Employee Resource Groups: Lloyd’s Together Network focussed on
engaging staff around D&I
Employee Change Forums: Providing consultation and embedding
engagement

Insurance Inclusion & Diversity Forum (IIDF): Engagement Forum on D&I
matters
Social Mobility Working Group: An engagement forum on Social Mobility
Matters
Inclusion@Lloyds: An engagement and consultation forum on Market
related D&I matters© Lloyd’s 2023

Classification: Confidential

Values& Engagement© Lloyd’s 2023

How we will embed Values & Engagement at Lloyds: Our Model

Measuring how our people
feel about the culture at
Lloyd’s and our ability toretain our talent

Measuring how ourpeople feel aboutdeveloping skills anddeveloping theircareers

Measuring the wellbeingof our staff aligned to our
Wellbeing model

Stay

StriveThriveClassification: Confidential

Measuring the wellbeingof our staff aligned to our
Wellbeing modelHow we will embed values and employee engagement

Employee
Engagement
SurveyPulse
Surveys

Employee
ChangeForums© Lloyd’s 2023
Classification: Confidential

Lloyd’s
Together
Network

Embedding
Leadership
Capability

Our engagement forums

Employee Change Forums

Lloyd’s Together Network

Wellbeing Champions

Executive Leadership Group (ELG)© Lloyd’s 2023
Classification: Confidential

Wellbeing© Lloyd’s 2023

How we will manage Wellbeing at Lloyds: Our Model

PhysicalWellbeing

Social
Wellbeing• Fitness challenges• Health webinars• Wellbeing walks• Coffee mornings with
wellbeing champions• Increase membershipin ERGs

Emotional
Wellbeing

Financial
Wellbeing

Classification: Confidential• Webinars on mental
health• Resilience training
and interventions• Financial advice
webinars or inperson events

How we will embed Wellbeing
Prevention

Early Intervention

Post Intervention• Life Work Balance – flexibility,• Doctor@Hand• Occupational Health Assessment• AXA Stronger Minds• Return to work action plan – returning

agility and leave policies• Remote working hub for managers
and employees• DSE Equipment – Home & Office• Wellbeing Champions and MHFA
Network• Work+Family Space• Headspace App• Physical Activities: e.g. 10k• Headspace App

to work after long term sick• Employee Assistance Programme• Assistive Technology implementation• Mandatory training for people• Workplace adjustments

managers *• Mandatory resilience and mental
fitness training for senior leaders *• Clear Talents (Internal & External
Assessment)

Challenge etc• Resilience Training and Workshops• Hybrid working guidanceClassification: Confidential

implementation

Our engagement forums

Employee Change Forums

Lloyd’s Together Network

Wellbeing Champions and Mental Health First Aiders

Executive Leadership Group (ELG)© Lloyd’s 2023
Classification: Confidential

Market Oversight& Market Engagement© Lloyd’s 2023

Market Oversight: Our 5 Culture Principles
Managing agents should bediverse, creating an inclusiveand high-performance culture.
In order to support this,Managing Agents should:

3.

Encourage speaking up,
ensuring there areappropriate tools for
employees to do so, andthe tone is set from the
top​.

1.
4.

Demonstrate leadership
focus on fostering an
inclusive, highperformance culture.

Ensure diverse
representation within theirworkforce and theirleadership population. Be
inclusive in how they hire
and retain talent andensure they reflect society
and their customers.
Classification: Confidential

2.
5.

Ensure behaviour
expectations are clear
and there is zerotolerance forinappropriate behaviour.

Understand theiremployee population,collect appropriate data
and take action to create
an inclusive employee
experience.

Defining culture andDeveloping a high performing, inclusive culture for Lloyd’s Market: Our Model

Identify gaps inculture andassesses
performance

Measurement &Oversight

Identifies how weincrease capability
and change culture
based on feedback
and engagement

Engagement

Classification: Confidential

Practical
interventions,collaboration on
products &continuous
improvement

Upskilling

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How we will embed our culture work with the market:

Culture Survey &Dashboard:measures current
market culture
annually andprovides data on
culture & thediversity of market
participants

MP & P Survey:
measures thematurity of culture
practices andunderstand how
Lloyd’s can best
support the market

Culture Principles
Oversight process:measures thematurity of managing
agents in relation to
culture and is fully
integrated into the
Lloyd’s oversightprocess.

© Lloyd’s 2023
Classification: Confidential

Speak up advice
line: provides
independent advice
on issues relating to
inappropriate
behaviour

How we will engage with the market
HRD & Oversight Forums: Ensuring HRD’s and Oversight are engaged with
Lloyd’s strategy, tools and annual plans
Dive In Festival: Raising awareness and engagement with D&I across themarketInclusion@Lloyd’s: A market wide engagement/consultation forum

Partner Networks: Six networks that support D&I in insurance, GIN, iCAN,
NGIN, Families, LINK, iDAWN which aim to raise awareness and engagement
around D&I
Inclusion Insurance and Diversity Forum (IIDF)- 60+ D&I leads across themarketClassification: Confidential

Measures of Success© Lloyd’s 2023

Where do we want to bein five years?
We have transformed the culture in Lloyd’s byembedding inclusive practices that enable highperformance.
We have changed perceptions of the industry so it
is becoming a destination of choice for global talent.

© Lloyd’s 2023

Our goals and Measures of success: The Corporation
Goals

Measures of success• A diverse workforce & leadership withinclusive behaviours• Lloyd’s is a diverse organisation, Gender
parity at leadership level and 20% Ethnic
minorities. Staff describe the Lloyd’s
culture as inclusive & Lloyd’s achieves D&I
Accreditation• Values are part of everyday conversationsat Lloyd’s• A highly engaged workforce• Wellbeing supports high performance• 90% of staff understand the values andfeel they are lived• Engagement scores are above sector
benchmarks• Wellbeing scores are above benchmark for
all groups in the corporation© Lloyd’s 2023
Classification: Confidential

Our 5 year vision for the Market
Leadership hastaken ownership for
reputationaltransformation

•
•
•

•

Data is a proof point
validation for talent

Lloyd’s is valued andattractive to Talent

Engagement

Enforcement action is rare, penalties are reducing year on year
50% of managing agents have achieved external accreditation and all haveprogressed beyond Rio foundational level
Broker progress against diversity and inclusion practices is improving year on year•••

Women in Leadership target achieved (35%), stretch target of parity in leadershipprogressing, 1 in 3 hiring ambition regularly delivered
Data collected across all protected groups and socio economic categories
Policies and practices delivering a strong care framework that retains talent
Data is published for both enforcement and celebration•••

School leavers rate insurance within the top 10 industries as a career destination% of under 30s in the Market is growing year on year
Leadership populations are increasingly diverse

Oversight

Enforcement

Our Governance© Lloyd’s 2023

Our Governance Model:
Lloyd’s Council

Environmental, Social & Governance Committee

Executive Committee (ExCo)Engagement
Forums(The Market)

Culture Team© Lloyd’s 2023
Classification: Confidential

Engagement
Forums:(The Corporation)

Communicating
our Culture Work

© Lloyd’s 2023

How we will communicate our work stakeholders

Annual Report & ESG
reports

Culture Dashboard andInsights hub

MP & P insights report

Inclusion@Lloyds,
Partner networks andindustry groups© Lloyd’s 2023

Classification: Confidential

Year 1 Priorities & Timeline© Lloyd’s 2023

2022 Strategic Priorities
Culture Strategy Year 1

1.
2.

Culture Strategy developed, agreed and communicated to provide a clear strategic direction, success measures and align ourefforts behind our priorities, leading the market to transform the culture of Lloyd’s
Operationalise Culture Oversight to create accountability in the market for culture, diversity and inclusion outcomes. Buildcapability to assess culture and adapt our approach to align with evolving D&I policy regulation

3.

Refresh Inclusion@Lloyds, align partner networks and forums with culture strategy priorities so that together we have more
impact in building an inclusive and high-performance culture across the market and deliver on external commitments

4.

Take a data driven approach to culture, diversity, inclusion, engagement and wellbeing by improving data and insights in the
Corporation and market (including social mobility), and increase transparency with all stakeholders

5.

Embed the Values and engage people to build the desired culture in the Corporation, so our mindsets and behaviours enable us todeliver strategy and purpose. We reinforce the values through our people practices and mobilising our leaders.

6.

Embed D&I architecture clearly articulating governance structures, differentiating engagement forums, embedding aspects ofCulture and D&I accountability into leadership performance and business operations (e.g. IT & Procurement)
4141© Lloyd’s

Classification: Confidential2022 Culture timeline
Use data inputs and key oversight moments to inform our culture strategy and monitor progress
Culture Work Timeline:

Market Policy and Practice insights inc:
• Progress on women in leadership target• Ethnic diversity inc hiring rate baseline• Policies and practices insights
Proposed 2022+ Culture strategy, planand measures of success
Quarterly Corporation diversity
scorecard

Culture survey insights:• Has culture in the market improved?
• Corporation vs Market culture insights• Where do we need to focus?
• Aligning and mobilising stakeholders• Update Lloyd’s culture narrative anddashboard
Culture Oversight• Insights and Learning from culture
assessment of Managing Agents

Progress update• Culture plan
• Ethnicity commitments andengagement plan
• Inclusion@Lloyd’s refresh

Quarterly Corporation diversity
scorecard

Quarterly Corporation diversity
scorecard

2021
Dec

2022
Jan

Key inputs

MP&P 3

Feb

Mar

Apr

May

Jun

Jul

CultureSurvey 3

CultureStrategy
RefreshInclusion@Lloyds

Cultureoversight
process

Culturedashboard
3 published

Insights
Hub
updatedFirm culture
surveyresults on
Insights Hub

Aug

Sep

Oct

Dive InBHM andAngerstein
Case
Study
curation

Nov

Dec
MP&P 4
Archivist
workpublication

Internal
ERG
refresh &launch4242© Lloyd’s

Classification: Confidential

Years 2-4 Approach, Priorities & Timeline© Lloyd’s 2023

Where are we now?

© Lloyd’s 2023

Culture: The journey so far – no grind no glory
Inclusion@Lloyd’s launches the Dive In festival in 2015 to raise awareness & buy-in for diversity & inclusion. Resource groups grow,market associations start to engage & regulators take increasing interest

Bloomberg article in 2019 & Black Lives Matter in 2020 create a media spotlight on sexual harassment in the Lloyd’s market &Lloyd’s historic links to the slave trade

Lloyd’s responds with specific action plans aimed at accelerating progress to gender parity and increasing representation of ethnic
minorities in the Lloyd’s market. Lloyd’s achieves Gold level Clear Assured accreditation for inclusive practices, the highest in themarketGovernance, workstreams & frameworks to support these objectives are established & matured – MP&P survey in its 3rd year,
culture principles embedded in RIO, poor behaviours in the market addressed (Atrium et al) steady gains towards gender & ethnicity
targets, data collection improved, CAG integrated into ESG Committee, best in class research into slavery links

Progress is incremental – but culture change takes time. We are seeing steady gains towards our gender & ethnicity targets

45© Lloyd’s

Classification: Confidential

What is the data story?
Women’s representation isincreasing at the Corporation(52%) and in the market(42.5%). 32% Women in
leadership vs 35% target in theMarket. Corporation exceeds the
35% target. 1pp increase in
women across the Market
overall and 3pp increase inMarket leadership since 2021.
We still have four all maleboards & seven all male Execteams in the market. Gender
pay gaps range from 16-54%
in the market. The
Corporation gender pay gap
is 20.6% but expected toincrease in the short term due
to senior turnover.

Ethnic minority representation
is increasing in the
Corporation (23%) and market(11%) incrementally. Ethnic
minorities make up 9% of
leadership positions in theMarket and 7% in the
Corporation. 3pp increase inethnicity the Market overall
and 5pp increase in Market
leadership since 2021.
Disabled representation is
low across the market, with
60% of firms collecting
disability data and 2%
disclosing a disability.
Corporation shows 3%
disclosed disability and 6%
with substantive workplaceadjustments.

More firms arecollecting data on
LGBT+ but
representation is still
low at circa 2%

We don’t know how
well we represent thedemography of ourglobal regions

46© Lloyd’s

Classification: Confidential

To achieve the 5 year plan weneed to move to action.

© Lloyd’s 2023

Where will we focus our efforts in 2023 & 2024?

Transform Dive In to deliver
the broad talent agenda

Execute on our gender andethnicity commitments
holding MA’s to account foractionable plans

Deliver a communication
plan to drive the discussion
and highlight progress

Embed & further develop
the RIO Framework

Establish a regulatory
tripartite working party

Benefit all protected groups& socio-economic
backgrounds through theinclusion and talent agenda

48© Lloyd’s

Classification: Confidential

How will we achieve our two year goals?
Dive In

Recognition

Early Careers

Transform from a three day
Festival to year roundengagement, an Outreachprogramme, Market wide
mentoring programme & Careers
Conference transforming
Dive In into the talent brand for
the Lloyd’s Market

Digital Kitemark for firms
who are Top Quartile on
Culture Survey and meeting
diversity targets

Transform early careersdeveloping a Market wide
talent pool and clearing houseto enable firms of all sizes toaccess a diverse, robustly
assessed pool of talent

Culture Survey &MP&P
Align the Culture Survey to the 5
Culture Principles, enhance MP&P
to capture talent pipeline andsuccession data to enablestrategic workforce planning

Outreach© Lloyd’s

Under the Dive In brandcreate a Market wide
outreach programme
utilising our partners to
hit 1 in 3 and social
mobility ambitions

Ethnicity
Commitments
Long term funding to support ourEthnicity Commitments andensure positive reputation for
Lloyd’s post-Archives launch
supporting our 1 in 3 hiring
ambition

RIO
Develop additional levels to RIO
to enable recognition of thebest performers in the market.
Hold poor performers toaccount.

Upskilling
Programme

Leadershippipeline

Deliver an upskilling programme,
update the Culture and Diversity
Toolkits, share best practice andcase studies

Develop a future diverse
leadership pipeline through our
Advance and Accelerate career
programmes, succession planning& leadership development

Classification: Confidential

49