Diversity, Equity and Inclusion – The Insurance Sector’s Pathway for Positive DEI Change
02-Jun-23
Diversity, Equity and Inclusion – The Insurance Sector’s Pathway for Positive DEI Change Most organisations in the UK understand their responsibility to foster diversity, show equity and be inclusive. Commercial and corporate insurance businesses are no different. In an increasingly diverse society, it is vital to establish successful policies that promote diversity, equity and inclusion (DEI) throughout the P&C insurance sector. The Importance of DEI On a human level it is clear that incorporating DEI into every business is the right thing to do. The Association of British Insurers have taken the stance that no one should be disadvantaged due to characteristics such as their gender, age, marital status, sexual orientation, race, a disability, their health or their societal background [i] ABI states succinctly in its 2022 Diversity, Equity and Inclusion Blueprint that “we want the 320,000 people who work in insurance and long-term savings across all parts of the UK to reflect and represent the communities we serve.” [ii] It is vital that as the insurance industry seeks to respond to the changing needs of the population, that the people working for them are representative of that population. Aside from the moral, ethical and legal reasons for championing inclusion, it makes good business sense too. There is now good evidence that businesses that have stronger DEI practice are more profitable than those that do not. (Unsurprisingly so – as a diverse work force is far better able to respond to the wants and needs of a diverse society.) [iii] Is the insurance sector good at DEI? The insurance sector has been making some strides in terms of DEI over recent years, with efforts making some difference, and seeing – for example – the percentage of female board members going from 29% to 32% in the space of a year. [iv] However, there is still a long way to go, and many people feel that progress is too slow and not consistent across all areas. ...
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