Forging strong relationships is key to working at Lloyd’s, finds Simon Midgley

Recruiting graduates directly into the world’s leading and oldest specialist insurance and reinsurance market — Lloyd’s of London — is a relatively new phenomenon. This year sees the fourth intake to the corporation’s generalist graduate programme. It is also the first year of a new additional specialist claims entry stream.

Becky Goodwin, talent and learning adviser on Lloyd’s corporation’s HR team, says: “In 2008 it was recognised across the Lloyd’s market that we needed to do something to bring young talented people into the corporation and into the market as whole.’’

The corporation, which has 900 employees, and the market itself which has tens of thousands, takes up to ten graduates a year in the general entry scheme and up to ten in the new specialist claims entry stream. There is also a ten-week summer student internship programme, which next year will take six second-year students.

“We take on graduates from a range of universities and degree backgrounds can be in anything from geography to maths,’’ Goodwin says. “We go to a number of careers fairs across the UK. We require at least a 2:1 and attract students from some of the highest quality universities.’’

Much of the business at Lloyd’s is conducted face to face. “The key qualities we look for are the ability to manage and maintain relationships — Lloyd’s market relies on building relationships, an ability to influence others, analytical skills, an ability to communicate clearly and being able to plan and organise and be well presented.’’

Graduates should be ambitious, hungry to learn and keen to push themselves to their limits. They must complete an online application form and an online numerical test. If successful, the application form is considered. Selected candidates are then interviewed over the telephone. Some are invited to an assessment centre, where they undertake exercises examining key competencies.

It is a very competitive process. This year 1,000 people completed application forms for the generalist entry programme and 11 places were offered. Nine graduates entered the programme. Another nine graduates also entered the specialist claims programme, a new initiative aimed at bringing bright young people into this branch of the industry.

Trainees on the 18-month generalist programme (starting salary £26,000) have three six-month placements, one of them external, which they choose from a range of 15 options, including claims, exposure management, international markets, risk management, market services and international regulatory affairs.

On completing the programme, trainees join the corporation, which supports and regulates the market, or an underwriting firm as an underwriting assistant. If they get a job with the corporation they might, for example, work in its internal regulatory affairs or exposure management team.

The claims graduate programme has been introduced to cater for graduates wishing to specialise in insurance claims. It aspires to be a fast-track programme for people seeking careers as claims adjustors, who manage claims from inception to conclusion. The programme is open to sharp commercial thinkers with a flair for negotiation.

Over a 12-month period graduate trainees will experience two placements and a series of job shadowing opportunities. The placements could be in a broking house, managing agency, law firm, loss adjustor (a business that investigates a claim to see how much money is payable) or in the Lloyd’s claims team. Claims will range across the marine, aviation, property and energy sectors.

Working in claims requires considerable mental agility and skill in getting on with people. Key qualities needed are a flair for negotiation, commercial acumen, analytical thinking and good problem-solving skills.

The generalist graduate entry stream recruits for the corporation and the market but the specialist claims stream solely for the market for those wishing to become loss adjustors. Both programmes give a taste of many different aspects of the insurance market before giving graduates the opportunity to specialise.

As well as a salary, employees receive performance-related bonuses.