♪ london is one of the most financial brands in the financial world. the company offers a market some members can join together to ensure over the years. lloyds has in short everything from space shuttles. , we looks with lacqua at executives in london. francine: you became chief executive in 2014.

was it easier or harder than expected? comment was easier to because people knew me from the past. for 36d in insurance years and i underestimated the impact it would have on people accepting me into the role. i had that respect and they said she knows industry so i had that respect and that made it easier. what makes it tough is the stakeholders. i had not anticipated because if you are running a market that so many people would be interested in what is going on and pulled in so many directions and it always reminded me of going into an old fairgrounds mirror experience we look into this weird mirror and it would pull you in directions, like this. that is how it felt. what are all these people? why have the interested in

lloyds. lloyds is an amazing institution. it is global. it operates in over 200 countries. you have governments interested in it. you have businesses. you have scientists. everybody seems to be interested. that is what i and are estimated. the complexity of the stakeholder base. francine: is it difficult to change on a diversity level but on a technology level? abovethe market is made -- so they are sharing complex risks. i cannot tell them what to do. i have to influence and bring them along with me if we are going to make change. there are 80 of these businesses, each one has a ceo setting it up. because they are not employees and operating in a market, i

want to take the market forward in energy's technology, new ways of working, changing environment, dynamic, get rid of old traditions i do not think our making it appealing. i have to bring those businesses with me and that has been tough. francine: traditions like what, the use of paper instead of technologies and how difficult is it? inga: it is because the business is being done identically to 300 years ago. meeting in the lloyds coffeehouse when all the mariners were meeting, and the -- it was like an original crowdfunding or the sharing economy. they got together and said, i do not know if it is going to be

our ship goes down so we will pull together and underwrite your ship or cargo, so they wrote their names underneath each other. someuld have been done on form of paper and we still do that. francine: how crazy is that? inga: it does in crazy. some of it is because we do difficult stuff and a lot of it is new so it will be a new piece of technology or business investing in something for the first time. you need that face-to-face negotiation to go on to create the insurance project is needed. it is with paper. we are modernizing. loads of technology and the technology is not the tricky bit. it is getting people to adopt it to change the way they are interacting with each other on a daily basis. they like their world. they like meeting with people.

for people around anywhere, any firm, some of us do not like change. you have got to win them over and lay their fears and say it is about moving forward. talk aboutut it or how uncomfortable, dissatisfied they would be if they did not have the latest digital technology in their pocket or somewhere around them, their mobile device. think of that had not progressed in the 20 years since we started to have mobile phones. they would not be happy. let's stick about our business and how our customers must feel. downine: you are stepping early 2019. why? inga: i was committed to doing five years. it was exciting. i said i would love to come in, modernize the place.

when you are driving transformation, you have a certain amount of time before it needs somebody new. i completed my five years. i feel pretty good and it is time to hand over to somebody else. i have to be selfish as well. my age means i am not getting younger and i want to do one more big executive role. francine: in insurance? inga: not necessarily. it might be. francine: do you feel like you have done everything you wanted to do? there was a big loss in 2017. if you had had more time at lloyd's of london, would you have not gone out with bigger banks? inga: the philosophy is driven by natural catastrophe. that was the biggest thing. at $12 billion, it cost the lloyds market but that is what

we are here for. we are here to provide that financial compensation when things go wrong. we know that is what we do. it was not a shock. we have to expect it. we modeled for these large catastrophes. we have to fix underlying profitability in non-catastrophe type business. that is what we are focused on. francine: what is the role of hedge funds in your industry and lloyd's of london? inga: lloyd's of london has changed over the years. it used to be funded by lots of individuals. individuals would put their own money and. -- in. that changed before i joined. capital no 90% of longer individual private names. groupsither insurance who wants to own something in lloyds because they want to

access that business or it might be hedge funds. tomight be funds who want diversify their investment portfolio. they are a minor part of capital that comes into lloyds but also can be an important part because we are about being innovative, entrepreneurial. we are launching a lloyds lab which is going to look at engaging with intertec, startups, entrepreneurs. they need backing so we may find we are more -- than has been. francine: did you feel like you always have the new chairman behind you? that he was ready with your policies? did he think you are going to fast or too slow? inga: most think we are going to slow. i have have they worked anywhere we think the case is not fast enough. there was always that pressure.

we have so many players to bring along with us. we have got customers who have been there for years. one of the first things i had to do was present the chinese aviation authority with special scrolls with the 40 year relationship. we have to bring our customers along. chairman hashe come on board. he realizes the complexity and supports the new stuff. to be thet in you chief executive -- francine: you have it in you to be the chief executive of another money. is that because you want to be a will model? or is it because you like innovating? inga: i want to empower women in business. because of that, you feel and when you are in a senior role, particularly financial services,

where we are not so good on our diverse leadership team. i feel pressured to be a role model but that is not driving me. i love to be busy. i love challenges. i love transformation. seeve getting people to what seems impossible become reality. i am a different person in dust from that point of view. francine: that is from a very young age? where did you first the that quality in you? inga: i was always competitive. when i was at school i was always competing. energy, i do not think it happened until i got to my 30's. , -- i started off working was important to me and my work was secondary. i do not focus on having a

career. .t has come up on me the next opportunity i got, the more i enjoyed that. of grown on me and i have grown on insurance. i have just had a wonderful time but it has got me so excited. insurance has asked me because we serve a social purpose. come,cer: still to diversifying london. we talk about the challenges of modernizing a 330-year-old company. ♪

♪ beale became the first email executive at lloyd's of london. she has transformed the institution, making waves and a leading voice for diversity and

financial services. lloyd's still had a pay gap in 2017. what is the company doing to tackle? industryard is the when it comes to diversity? inga: we are not the worst sector around. in the u k, having to report the gender pay gap has highlighted the financial services sector. banks are bad and insurers are not good either but getting that data out there is going to help us realize where we are and i feel do something about it. the gender pay gap applets in the u.k. are 27.7%. that is a lack of females in senior positions. we have to do a better job not of enticing them in, but keeping them in. giving them confidence to go for senior roles. provide them with the mentorship

that seems to be so important. i know how to affect it me. -- affected me. i know i needed that extra boost, that extra help, that helping hand and that is what i would like to do as much as i can to create an inclusive environment where women feel they can do as well as men. francine: the insurance history still has an old-school feel about it, people drinking and smoking in pubs at lunch. is that the case? inga: we have tried to move on from that. many firms have moved on. thetill have behaviors that one that are not acceptable. we launched an inclusive behaviors pledge. anothers got together, female later -- later.

-- leader. we said there are behaviors that happen at the ground level that are not appropriate. there might be sexist comments said to women. they might be racist comments. the might be comments about budget bt community. often people do not know they are being hurtful. nott of these behaviors are known. they might be done unconsciously. we have said we have to highlight this. of 50e got 50 signatures ceos of 50 insurance firms. these are men who have signed up to say let's address this behavior and make it inclusive. we were not tolerate bad behavior.

comments, action, excluding people. we just launched it. it is new and we will see where it goes. francine: i was reading numbers of lloyd's of london. it is 90% british, white, and mail. --male. inga: the market might be that high at the leadership level but through the market it is not. we know we are balanced when we have people starting in our industry. it is moving up that seems to be the difficult thing. we notice the under 35 in general, we are not doing well retaining them and they are going to be our future leaders. francine: they are leaving london? inga: they are leaving the sector. we have not been able to identify where they are going, but anywhere that is appealing to tech savvy people, people

where it has a more modern look. you have got flexible working approaches. we have got to change. we have people challenging, are you at your---- desk? we have that mentality but trying to change. francine: what do you think will be your legacy? inga: we will be digitalized soon. we are mandating it so that will have made huge impact. we have managed to get lloyds are global. in the a strong presence market like singapore, dubai, india earlier this year. we have got a stronger footprint in the new exciting markets in the world. and hopefully a more inclusive working environment.

♪ man-made --ll the cost cities what the $320 billion a year? what kind of leadership does it pay, both natural and man-made? ♪

♪ francine: lloyd's of london started as a 17th-century coffee shop providing insurance in cargo trade. now it provides cover for some of the world's biggest businesses, including 52. what kind of leadership style does it take to manage a company of this complexity? inga beale is with us. what are the qualities needed in a chief executive to lead lloyd's of london? inga: they are probably similar

to running other organizations. you have got to have courage. we have to make tough decisions. we have to make decisions that affect the market. that takes courage. you have to be convinced this is the right thing. that also means you have to include others. no ceo knows all the answers. i have been a ceo of other organizations. you have to include people. i like to think of myself as an inclusive leader. they have been designing their future. then you have to communicate, communicate. i cannot tell you how many times i talk about needs for modernization in the market and then, you will have a conversation with someone in the world who has not heard that message. you cannot over communicate.

you put that together with listening when you are including people. get ideas and communicate. make decisions and that sums it up. francine: what is the best communication style? is it video messages? is it email? how do you communicate to your staff? be every channel you can think of. everybody wants something different. now with the rise of technology and the new generation are using mobile devices. they do not even use the traditional print newspapers i am used to when i grew up. myn i learned that, one of mentors told me they did not print media ever. it is all on their mobile phone. news.s how we get our

it was a wake-up call for me and different generations want to see the ceo in different ways. there is a younger generation that wants to see you as a human. they want to know what you feel about things. some people in a different generation and cultures do not want that. they want to see you as sitting in an ivory tower. i worked in germany for a while. there it was vital the employee saw you as separated from them. , let'sarrived and said break down these barriers. i want my office door open. people can walk past my office. they found it difficult to respect the ceo because the ceo should not be open. you want to work out the cultures so that is why it is important to use all different

media when you communicate. i do social media. i try to have an instagram account. i try to do that to appeal to that audience. other times i might have to give a speech to hundreds and have more formal, approach to my communication and it is difficult to always get it right. authenticity must come through because if you are not coming through as authentic, you when i get anybody to follow you. francine: do you think you would have been more successful in another industry? inga: never really thought about that. we get involved in other industries because we enjoy them. --insure them. have i thought insurance has a great image? and am i to colorful?

sometimes i think i do not fit but i love it. i get really energized by it. i think there is not a personality that suits. you have to be in the right role and i get my energy from people and meet amazing people. anm lucky enough, ceo of organization, you get to meet amazing people. francine: what kind of advice would you give to your younger self? inga: do not be so shy. to not be lacking in confidence. when i was offered my first promotion, i says no and i had been working 14 years and i said no. my first time to manage one person. i do not think i was good enough. i hardly recognized that young woman. i do not recognize her now. i said what is wrong with her?

i did get through my firm. they did rescue me and give me the confidence. think whyink -- i did did you not have confidence? i have no real regrets. francine: because of the politics living through various western leaders, is it up to private individuals and companies to promote diversity more and lgbt? inga: there is a void at the moment in terms of unified messages is coming out in governments and nations in many parts of the world. this does seem to need a aniness and it is expectation of the younger generation, that they see businesses as having a role to diversity, promoting

absolutely making sure you have inclusive workplaces. the talent will not come. francine: thank you so much. inga: thank you. ♪ retail.

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