Welcome from FIG Norwich

Steve DavidsonMD Marsh, Norwich FIG Chair

FIG Norwich – introduction . . .• Promoting and developing the financial and related professional services cluster in Norwich and

Norfolk. FIG is a partnership of leading firms, local government and higher education in Norwich

o This ‘triangulation’ of involvement and interests of the 3 groups is of critical importance to the continuing development of the cluster in the future

o FIG Norwich is unique in the UK in that it brings together businesses, local government and academia within one organisation – we are closely aligned and there is strong collaboration and mutual support across the 3 groups

• Purpose - FIG aims to develop a thriving financial cluster in Norwich that is recognised internationally as a centre of excellence for insurance, financial and related professional services

o Our desire is to be inclusive and extend the group to include other related professional services (including accounting, legal and other support services and management consulting) and recognises the importance of the digital technology sector to our future

• Our aspiration is to be “Britain’s most exciting financial cluster” . . .

FIG Norwich – some key facts . . .• The UK is the world’s leading centre for financial and related professional services*

o 2.3 million employed – 1 in every 14 jobs in the UK – two thirds outside of London*

• Norwich – financial and related professional serviceso Is # 14 city in the UK for financial and related professional services clusters across the UK*o Has the 2nd highest concentration of insurance jobs in the UK with 200 years of history o Is one of the largest general insurance markets outside London*o Is #1 in the East of England

• 11.2% of employment in the city (13,255 jobs)*• 11.7 % of gross value added*

o Has shown evidence of growth in employment in the sector in 2017/2018 (over 14%)*

• Norwich – digital technologyo Over 3,000 jobs with digital technology business turnover of over £ 200 million**o Not classified currently as an “Emerging Technology Hub” in terms of growth in employment*o Our strong belief is that Norwich is an emerging hub

• Challenge is to continue to work together and get it on the map . . .

* Source – TheCityUK – Enabling Growth Across the UK 2018 (July 2018)**Source – Tech Nation 2018 Report

FIG Norwich – Key events in 2018 . . .

Norwich Business School, UEA –

Research paper published, “Norwich

Financial Cluster Development Plan”, January

2018

Norwich Business School, UEA –

Business Breakfast and launch of FIG website, April

2018

“Regional Review: Norwich”,

Insurance Age -Bright future for

Norwich, September 2018

Presentations to Greater Norwich Growth Board

and Norwich City Council, February/March 2018

“Enabling Growth Across the UK

2018”, TheCityUK -Norwich #1 in the

East! July 2018

FIG Annual Conference III,

November 2018

FIG Annual Conference II,

November 2017

FIG Norwich - Local Government . . .

• Long-standing partnership with local Councils -representation on FIG Board

• Excellent engagement, collaboration and strong support for FIG from key stakeholders within local Councils

• FIG presented to the Greater Norwich Growth Board and Norwich City Council in 1 Q 2018

o Emphasised importance of the financial and related professional services sector to Norwich

o Policy should be ‘joined up’ at the cluster level and support the interaction of businesses, local government, educational institutions and the labour market (including maintaining and developing the ‘cultural capital’ of the area to attract and retain labour)

FIG Norwich – Academia/Talent pipeline…

• Very strong and important relationship for the sector• Representation on FIG Board• Research paper re Norwich cluster published – Jan. 2018• Degree apprenticeships, Recruitment Fair, Employability

Week, Knowledge Transfer, Engagement with Businesses

• Higher Education sector is important• Degree apprenticeships offered - impression is of flexibility

in delivery of courses to the requirements of employers• Degrees are accredited by UEA

• Creative solutions and “problem solvers” of the future• Transferable skills to businesses – design and technology• Important institution and complements the strong overall

educational offering in Norwich

FIG Norwich – Businesses – website progress . . .

FIG Norwich - join the FIG trade directory . . .

Join the FIG Norwich trade directory: fignorwich.org/join/

Over 50 firms and organisations already – positive traction is emergingTarget is to drive to over 100 . . .

FIG Norwich – Digital Technology links…

• FIG recognises the importance of emerging digital technologies and infrastructure and there are clear areas of mutual interest for our sectors – collaboration is critical in promoting Norwich

• Areas of specialist services such as: Artificial Intelligence, Blockchain, Cyber Risk, Cyber Security, FinTech, InsureTech, Internet of Things (IoT), Machine Learning and Robotics will become increasingly critical for firms in the future

• Expectation is that these will supplement rather than eliminate jobs - we believe strongly that people and the application of judgement will remain of critical importance . . .

FIG Norwich - looking forward . . .• Businesses – Website

o Encourage new joiners to trade directory – target is to work towards over 100 local firms and organisations on the Norwich map…

o Promote additional events, job vacancies and start to drive additional traffic to the website…

• UEA/FIG collaboration

o Executive MBA – Degree Apprenticeship

o FINTech Lab – expected to be launched soon at Norwich Business School – will act as a hub for students, businesses, researchers, professionals and the wider community in Norwich. The lab will have a strong social impact agenda aimed at widening participation and diversity.

o Explore potential launch of a Social Impact Bond – a first – innovative and exciting initiative…

• Develop and leverage closer links with the Digital Technology Sector…

• FIG Annual Conference IV – November 2019…

FIG Norwich - finally . . .

• Norwich has enormous strengths, including:

• Supportive Local government

• Strong and complementary academic institutions

• An engaged and diverse Business community

• An emerging Digital technology sector, and, most importantly

• A fantastic place to live and work

• We believe Norwich is well positioned for future growth

• Further collaboration will drive us towards being “Britain’s most exciting financial cluster” . . .