Neal warns consequences for managing agents that fail to address culture
Those that fail to view culture and inclusion as a core business principle will have to face consequences, Lloyd’s CEO John Neal has warned.
Addressing this year’s Dive In festival, Neal said the need for leadership around culture is particularly pertinent in the current heightened risk environment, noting the host of elections around the world this year, coupled with sweeping digital transformation initiatives and climate-related risks.
“There’s an awful lot on the plate at the moment, and that cries in on leadership. It really cries in on leadership. All of us crave leadership, and we all feel gently let down when we look around. We want leaders, we want to believe in leaders, we want to follow leaders,” he said.
“I get annoyed when people say culture is a journey, it’s not. It’s the same as everything else, it’s an attitude. We talk about the inclusion and the diversity we want in business. If we want it, it will happen, and it can happen quickly.”
Neal added that, while he is not personally a fan of representation targets, having a metric can be helpful to “push the button” and measure progress. On the other hand, failing to meet targets or principles around inclusion must be met with consequences.
“I never liked targets, it doesn’t feel right to me, but you’ve got to try and make progress. To me, fundamentally, it’s attitude. Why should you not want to be as inclusive as much as you want to perform financially?” he said.
“There’s got to be a consequence. In insurance, we have principles-based oversight. There are 13 principles and four gateway principles, one of which is culture. So you’ve got to be patient and nurture people, but you’ve also got to draw a line somewhere. And I think when you talk about people, talent and inclusion, you’ve got to draw a line.
Dive In growth
Neal spoke at the opening event for this year’s Dive In Festival at Lloyd’s on Tuesday, where he noted the significant growth in the event since its inception 10 years ago.
“In 10 years we’ve seen incredible growth, not just in our industry, but in this festival. The first event started in a room with just about 100 people,” he said. “This year is bigger than ever before – in fact, Dive In will take place in a record-breaking 46 countries, and there’s over 130 different hybrid events.”
“I'm proud to say that Dive In is a result of a sector-wide collaboration that actually really does define our industry,” Neal added.
The 2024 festival is based around the theme of ‘A sustainable future: the next 10 years’, with sessions focused on the overarching role of an inclusive culture in driving performance, innovation and resilience in the long term.
The programme covers a variety of topics, including social mobility, neurodiversity, multi-generational workforces, gender equality, the impact of AI, and mental health resilience in the workplace.
He continued by recognising the importance of having industry CEOs participate in advertising the event’s agenda, including among others WTW’s Carl Hess, Tokio Marine Kiln’s Matthew Shaw, Chubb’s John Keogh, BMS Group’s Ian Gormley, BMS Group, Markel International’s Simon Wilson and Lockton Re’s Timothy Gardner.
“I’d like to thank the CEOs that took part in the video campaign, sending a clear message from the top on practical, forward-thinking strategies. It’s not only the right thing for us to do to be here, but it’s also super good for business,” Neal said.