The London Market Group (LMG) has launched a new think tank aimed at evaluating the new challenges faced by the future London market workforce and developing recommendations in response.

In a statement, LMG CEO Clare Lebecq said the Future Workforce Think Tank will look at the key trends and technology disrupters that will impact the shape of the future workforce.

“Leveraging expertise from market colleagues who are already assessing what the future might hold and digital experts, it will also analyse how the skills required will be affected and undertake a deep dive into the impact on core London market roles – as well as looking at the effects in the medium to long term,” she added.

The work of the Future Workforce think tank will be supported by KPMG.

Lebecq said: “In 2016, we undertook research to investigate the changing skills required for London to retain its pre-eminent position in the global insurance market as technology changes the way we all work. The results highlighted the fact that digital and technology developments are a key influencer on future skills, and London was not well prepared for the changes the future will require in these areas.

“We have completed a first phase of work to assess the impact of electronic placing on broking and underwriting skills, launching the Think Tank is the next stage.”

The LMG said that it is hoping to publish a full report in Spring 2019, which will articulate what actions the London Market should take to build a workforce that is fit for the future.