This week, Insurance Business America released its report on diversity, equity, and inclusion in insurance. After 15 weeks of interviews and surveys, IBA awarded 17 participants its coveted 5-star rating. The report reaffirms that DEI is at the core of our industry, helping guide service provision, recruitment, HR and governance.
While implementation varies, one approach was shared by each of the 17 5-star earners: DEI has been operationalized, not simply given lip service. Too often, we see DEI siloed and delegated to one single person or department (most commonly women of color). The most successful companies have DEI-focused staff brought in across teams so that the largest number of people possible have exposure to concepts of fairness, equality, and justice at work. Amy Bayer at Duck Creek Technologies stated, “We embody a culture where inclusion and belonging are reflexes, not initiatives.”
The report identified how DEI connects to innovation and growth. When teams look like the communities they are trying to serve and team members feel their voices are heard, creativity can flourish.
- 53% of survey respondents say they belong to a diverse of underrepresented group
- Respondents ranked belonging, diversity training, respect for diversity, and solid reporting procedures as equally important for DEI programs
- Respondents cited a disconnect between DEI and HR professionals and C-suite leaders in how much DEI is valued
How Insure Equality can help
Insure Equality is a nonprofit providing technology to make the insurance industry more diverse and equitable. If you’re on a DEI journey in your company, our Leaders’ Inclusivity Toolkit is for you.
Our phoenix™ platform helps rate insurance providers on DEI values, implementation, and outcomes.
Does your DEI or HR team need backup? Reach out to us for expertise.