Lloyd’s of London oversees the world’s leading insurance market, providing specialist insurance services in over 200 locations. With around 1,000 employees and a market including 30,000 to 40,000 people in syndicates and broking firms across the globe, the company operates in a volatile and ever-evolving space covering unique risks – so continuous learning and compliance are critical for its people and stakeholders. With so many people involved though, that’s not an easy feat.
In 2016, an employee feedback survey revealed that learning was considered too London-centric, supply-driven, and reactive. Lloyd’s addressed this by establishing the Lloyd’s University as part of its holistic learning strategy. It was also aware that many of the smaller organisations within the broader insurance market wouldn’t have the time or resources to implement their own modern learning systems, and knew it needed a scalable solution that would help with its commitment to supporting firms and upholding the Lloyd’s reputation as a provider of high quality development solutions.
A modern change
Lloyd’s needed a modern system that would help it roll out a high-quality, unified, relational and proactive learning system across its global market. It wanted to be able to electronically link development plans to the learning curriculum, so employees could easily access career goals and increase experience, while also developing and innovating to keep up with the changing nature of the business. Lloyd’s chose both the Cornerstone Learning and Performance Suites, which give learners anytime, anywhere access to learning and the means to track their performance. Lloyd’s also uses Cornerstone to host subscriptions with learning content providers, giving its employees access to fresh, modern content that puts them in control of their own career development.
It went to market within Lloyd’s Corporation in July 2016 and by the end of 2017 – a year ahead of schedule – was made available to other firms in the Lloyd’s ecosystem, ensuring a self-driven, accessible, and commercially-viable learning solution was available for employees across the market.
The result? Revolutionised learning
Lloyd’s now has a greater variation of content. Cornerstone gives Lloyd’s of London learners access to a broad variety of content, including TED Talks Playlists, which offer videos that can spark workforce learning and creativity; Learning Heroes courses, which cover soft skills through bite-sized modules and animated videos; IT training through Filtered, which assesses the learners experience level and skills gaps, and trains them in the suite of Microsoft products; and Lloyd’s Content, which is a hub of relevant Lloyd’s material, such as a data literacy suite and videos of expert speakers who have visited Lloyd’s to present.
People at Lloyd’s also now have access to ‘just-in-time’ learning. Lloyd’s wanted to ensure it stayed ahead of the technology curve, to provide a global learning capability that would be engaging, personalised, effective and relevant to all of its users. This approach also helped to ensure Lloyd’s was reflecting the learning styles increasingly seen among Generation Y and Millennials, who generally want learning ‘on-demand’.
In tandem with this, covering both technical learning and behavioural development at every level, Lloyd’s has enabled cross-country learning. Employees and markets can access e-learning courses in up to 12 languages. Already, more than 3,500 people from 299 companies access digital learning content through the Lloyd’s University.
Finally, by creating a ‘learning in a box’ solution, Lloyd’s has a cost-effective, demand-driven learning proposition to offer brokers and managing agents working in the Lloyd’s market. It can now make cost-savings – and even generate income – by reducing outsourced learning and moving towards a self-funding Lloyd’s University. Lloyd’s hopes to use its extra income to generate even more diversified content and encourage collaboration by producing more content from Lloyd’s experts.
Are you looking to create a culture of learning at your organisation? You can find more detail about the Lloyd's of London story here: https://www.cornerstoneondemand.co.uk/clients/lloyds
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