- August 17, 2018
- Posted by: lutherpendragon
- Categories: insight, news
Over the last two years Luther has supported the London Market Group’s work to create a new insurance market within the UK, known as Insurance-Linked Securities (ILS) , a rapidly growing global insurance market that the UK was not a part of.
Getting non-Brexit related policies through Government is often challenging given the reduced bandwidth, but LMG had a clear ask, knew exactly the measures required for the policy to be delivered and called on government at the right time for its support.
A significant amount of work was done to build consensus throughout the London Market for the work – showing the Government that the whole industry was calling for these changes – and the campaign was fully integrated with the London Market’s ongoing promotional campaign #LondonMakesitPossible
Incentivising the Government to back us was critical to the campaign’s success – we made a clear pitch to the Government’s ‘Global Britain’ agenda and highlighted the broader benefits of the new market to government agendas on international development.
We built support for the proposals at every level of government, tailoring messages accordingly to ensure that our asks resonated with ministers, MPs and civil servants – who were crucial in bringing this to the attention of Ministers.
Political consensus across the House for the proposals was also essential. All the hard work had been done to draft the necessary legislation but ultimately it still needed to win parliamentary approval.
The work culminated in a reception at 11 Downing Street with the Chancellor to mark the launch of the new market, with a clear endorsement form the Chancellor to work on further projects.
What this ultimately highlights is that, with the right approach, organisations can make a real difference and win government support outside of Brexit policy.