The Lloyd's Military Network (LMN) is a formal group of ex-military and serving reservists operating within the Lloyd's community and insurance industry. It was established in October 2014 and as Henry Dyson (former Army Captain and one of the founders of LMN) explains: the aim was to use a formalised network of ex-military and reservists to ease the transition of military talent into the industry.
The LMN Work Placement Scheme
The aim of the Work Placement scheme is to enable ex-military and reservists to enter the insurance industry by providing them an understanding of how the industry operates as well as helping them understand how their skills fit into the industry. From the perspective of the sector, the scheme also aims to showcase the military talent available and helps overcome issues concerning lack of industry experience of ex-military and reservists.
The Outcomes and Benefits
The LMN has a membership of around 200. The networking events are well attended with on average approximately 40 attendees at the informal events and 50 at the formal events.
There are currently 8 companies who take part in the LMN Work Placement scheme (4 insurance brokers and 4 underwriters). CVs of ex-military and reservists are received continuously and average around 6 CVs per month. Through taking part in the scheme, 8 ex-military personnel are now employed with one of the 8 companies involved in the scheme. A further 4 military personnel have found employment within the industry through assistance from LMN members outside the Work Placement Scheme.
Due to its effectiveness and popularity, the LMN has also received two nominations: Nationwide Resettlement Award and Insurance Day Diversity & Talent Management Award.
The Costs & Challenges
Although the LMN has over 200 members, they all contribute their time voluntarily. This always poses a challenge with resourcing the programme. As the scheme grows in popularity, the pressure on resourcing is also likely to increase. There are no allocated monetary resources for the LMN. The networking events are funded by the companies who volunteer to host these events.
The LMN plans to continue with its charitable coordination and networking events. As the work placement scheme becomes more prominent and well established, the LMN are also being approached by recruiters to help them identify suitable candidates. Moving forward, the LMN are looking to increase the number of companies involved in the scheme so that more opportunities can be made available for service leavers and reservists.