Labour, Liverpool and learning
A postcard from the Labour Party conference by London Market Group CEO Caroline Wagstaff.
Two days, 40,000 steps and a lot of politics! As I make my way back from the Labour Party conference, I extend my thanks to The Insurer for asking me to comment on what we learnt.
Location, location, location – it felt slightly ironic, as the rain poured down in Liverpool, that the (re)insurance industry had been basking in the sunshine in Monte Carlo the week before.
The premise, however, is much the same – the sheer proximity of the conference means that you meet a lot of people standing in coffee queues and walking around.
These include senior members of government, industry leaders and a lot of people passionate about a remarkable number of causes – access is remarkably easy.
My highlight was meeting Rachel Reeves, but I also met a lot of new Labour MPs, the wider Treasury team, and started to rebuild the market’s political network. Always have an ask – ironically, politicians loathe waffle.
Meg Hiller MP expressed this phenomenon most clearly: “I get so many pointless letters – literally, making no point. Tell me what you want.”
This is the mantra which the London Market Group has at the heart of its work with government. Three years ago, we asked for a secondary growth and competitive objective for our regulator;, last year, it was metrics to hold them accountable; and this year, we are targeting reforms to the Apprenticeship Levy.
We make it pragmatic and specific – and so far, our track record of delivering for the market is strong. We are not alone – we may be a unique industry, but our needs often match other sectors.
Our asks for reforms to the Levy were echoed by businesses as diverse as the Co-Op and industries such as engineering.
Our talent challenges are faced by so many other sectors, and it was great to share experiences and lessons. I learnt a lot! Get about – and be heard.
I spoke at four different round tables, asked questions at another three, and listened to a lot of speeches.
However scary it feels – and it does – you just have to stick your hand up and make a point. It is a great opportunity to get issues in front of people.
If you speak for the London market, you need to speak! But it is just a moment in time – all of this needs to be followed up, all of this is a campaign which requires persistence and patience.
So, once I’ve had a bit of a lie down, we will be back in Westminster!
Caroline Wagstaff is the CEO of the London Market Group, the representative body for the London (re)insurance market