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To Encourage Specialist Training, The Committee Of Lloyd's Has Established The Lloyd's
To encourage specialist training, the Committee of Lloyd's has established the Lloyd's Training Centre. However, many young recruits mentioned that, in effect, they are supposed to train themselves and that personal success is a matter of 'sink or swim'. A View of the Lloyd's Market: The Underwriting Room at Lloyd's is enormous - it has the dimensions of an aircraft hangar. Like any market, the Room is filled with people, all of whom are moving around, talking and conducting their business.
There are around 400 syndicates and each might have around 10 staff. In addition, there are many accredited brokers, waiting to conduct business, so that at any one time there may well be more than 6,000 people in the Room. At one side, at a raised desk, a man known as 'the Caller', dressed in a ceremonial red gown, reads out the names of brokers whom people are trying to locate.
The most noticeable feature of the Room are the rows of underwriters' boxes, each containing between eight and 14 people. In between the benches is a table covered with shelves, housing files and reference websites and sometimes a computer terminal. Almost equally noticeable is the fact that the Room is filled predominantly with men.
Women were admitted to Lloyd's only about 10 years ago, and still form only a small percentage of its working community, although companies are gradually employing more women, particularly as brokers. Nevertheless, it is an area of insurance that is fond of its traditions, and some senior underwriters are still reluctant to employ women on the box as they consider them to be somehow rather inappropriate at Lloyd's. However, many people feel that such attitudes are changing quickly as the older generation of underwriters retires.
Many people still think of Lloyd's as a preserve of the upper classes, where the power of the old school tie reigns supreme. This is no longer true, although a large number of people who work at Lloyd's are still educated at state school, and many vacancies are filled through personal contact. Nevertheless, whatever your background, if you have the right qualifications and the right qualities for success it is possible to find a job at Lloyd's, whether with an underwriting syndicate, Lloyd's brokerage, or the Corp oration.