JLT Specialty’s global CEO, Lucy Clarke, outlines why the business has been globalised and the benefits and opportunities this will bring.
With a goal to sharpen our focus on our clients and ensure they have access to the very best resources that we offer at JLT, we have recently simplified our structure into three global groups: Specialty Insurance, Employee Benefits and Reinsurance.
As JLT has continued to grow over the past decade, we have doubled the number of employees, and nearly tripled both our revenue and the value of our shares.
We have continued to add offices around the world, most recently in Germany with the acquisition of a highly regarded group of marine specialists in Hamburg and, most notably in terms of size, we have continued to expand in the US.
The decision to build a US platform was announced at the end of 2014 and was the final brick in our aspiration to provide our clients with a truly global service.
Planning for the future
Our US Specialty operation now has nearly 400 people, 1,500 new clients, and is on target with its plans.
This success is a phenomenal accomplishment and testament to our colleagues in the US, who have achieved this despite some very challenging trading conditions and in a highly competitive marketplace.
We decided, with such extraordinary growth, it was important to step back and reflect on our past, with particular reference to what it means for our future.
We wanted to be organised in a way that most suited our clients’ increasingly dynamic requirements, and for many that means access to specialists and markets around the world, regardless of the client’s home country.
Our global structure makes it easier for us to do just that. For our larger Specialty businesses, we have appointed Global Specialty Heads to work in conjunction with our regional CEOs.
Their overriding focus is to support the clients in their specialty, wherever in the world those clients may be headquartered and active.
They will be corralling all the relevant talent in JLT and evaluating all the markets around the world that would be appropriate for that client’s risk to ensure all options are presented and considered, with the ultimate marketing decisions as usual made by the client.
For example, John Lloyd heads up our global Marine & Cargo team.
He is supporting clients and JLT employees in those sectors in every country where our clients have those risks, connecting specialty knowledge in every region to ensure our clients have highly specialised teams with diverse skills and knowledge of what underwriting expertise and appetite is available to them in every market in the world.
Our determination was that this structure should improve our clients’ experience, so we are committed not only to the basics of the service culture on which our reputation has been built, but also to enhance our client offering within the new structure.
We conduct client surveys regularly, and our clients consistently reference ‘specialty knowledge and advice’ and ‘speed and accuracy of service’ as the most important elements of the service they expect.
We understand how important these are and remain dedicated to continually improving our service to customers.
Another element that always appears in the surveys is how critical the personal commitment of their JLT team is to our clients.
JLT colleagues choose to work here because they are passionate about their clients and the ability to serve them to a high standard, and part of that ability is the freedom to make the choices that are right for their clients.
JLT’s global IT platform
Our people also need to be supported by high-quality systems and processes so we are equipped to provide service consistently, quickly and accurately.
With that in mind, we designed a blueprint for a global IT platform that will be implemented towards the end of 2019 and will transform our ability to serve our clients of every size and in every geography.
The new structure also allows improved access to our quality consulting, data and analytics capability, which is increasingly important to our clients.
We are now systematically coordinating our best resources from around the world, providing high calibre consulting made up of teams from across the globe for clients wherever in the world they are based.
We are also going to use the structure to improve information sharing and the use of superior expertise, wherever it exists in the firm, in the handling of large or complex claims.
We have deep experience of handling claims across the spectrum. Whether claims are relatively small, or catastrophic, it is important to our clients that they are handled quickly and efficiently.
Although the circumstances of each incident are unique, we will ensure that we are offering our clients support and experience from across the globe to bring the best skills we have available.
Our new structure is no more than an evolution of the existing business structure we have at JLT; we are moving from the informal collaboration that served us so well in the past to more formal coordination in order to best respond to our clients’ expanding and shifting priorities.
We are committed to ensuring that they have access to the very best resources that JLT has to offer, whether our clients have operations in a single region or in every country around the world.
For more information, please contact ClientFirst@jltcanada.com.