Diversity and inclusion in the insurance industry
(source: Insurance Information Institute iii.org)
The insurance industry has long made a priority of attracting, retaining and developing the best talent—and insurance businesses strive to reach this goal by making diversity and inclusion the centerpiece of their company culture.
At the 2016 Business Insurance Diversity & Inclusion Institute Leadership Conference insurance industry CEOs came together to sign a “commitment statement” embracing diversity and inclusion in the commercial sector. This statement pledged:
The world and our industry have never faced more change and opportunity than we do today. Diverse and inclusive teams have been proven to be more effective, and able to create better economic and social outcomes.
We are committed to driving diversity at all levels of our organizations by creating inclusive and engaging cultures that effectively serve our customers, shareholders, communities and people. By making meaningful progress on diversity in insurance, we can win the critical war for talent, which will allow our companies and our industry to succeed.
We agree to come together in one year to check on our progress and make any updates necessary to this commitment.
From individual company programs to industry-wide initiatives, insurance businesses are committed to promoting and advancing diversity in their business culture—in every sector and at all levels.
The IICF is supported by nearly 180 insurance companies, and awards approximately $2 million annually in grants to community nonprofits across the country—including outreach in the area of education and literacy.
The foundation also holds the annual Women in Insurance Conference, one of the largest, most successful diversity initiatives in the insurance industry. In June 2017 the conference will be expanding the scope of its discussion beyond gender, to explore the global impact of innovation, specifically the power of diverse thought to foster innovation—in individuals, organizations and throughout the insurance industry.
The IIABA’s Diversity Task Force is a cooperative industry group comprised of Big “I” members representing Latin-American, African-American and Asian-American agents.
Insurance company diversity programs
- Allstate – one of DiversityInc’s 2016 Top 50 Companies For Diversity list
- Chubb – named a Top Diversity Employer by Hispanic Network Magazine in 2015 and 2016
- Liberty Mutual
- Lloyds – organizer of the annual Dive In festival, a leading forum for diversity and inclusion in the insurance industry
- MetLife – Global Women’s Initiative
- The Hartford
Making the list
The 2016 Black Enterprise 50 Best Companies for Diversity list features Aflac, Allstate, Cigna, Nationwide, Northwestern Mutual Life Insurance Co., Prudential Financial and State Farm.
Bloomberg’s Gender Equality Index includes AXA, Allianz, The Hartford, MetLife, Prudential and Zurich.
The Human Rights Campaign’s Corporate Equality Index, a ranking related to LGBT equality, recognizes AIG, AXA, CNA, Erie, The Hartford, Metlife, Nationwide, State Farm and Travelers.
Fortune magazine lists four insurance business senior executives among its list of “Top 50 Most Influential Women in American Business.”
Customer outreach/supply chain
- Allstate Supplier Diversity program – Established in 2003, the company now spends in excess of $450 million with diverse businesses, as well as providing mentoring opportunities for participants.
- The Hartford Supplier Diversity program – Tied to membership in diversity focused organizations, including National Minority Supplier Development Council, National Gay & Lesbian Chamber of Commerce, U.S. Small Business Administration (including disadvantaged businesses), U.S. Department of Veterans Affairs, Women’s Business Enterprise National Council
- Travelers Small Business Risk Education program – Provides safety risk management education for minority- and women-owned small businesses.
- XL Catlin Supplier Diversity program – focuses on building relationships with minority and women-owned suppliers, promoting their development and supporting the growth of the communities in which they do business.
Facts & statistics: Diversity in the workplace
The U.S. Bureau of Labor Statistics (BLS) has information on diversity in the workplace by industry, including insurance; as well as information on diversity by occupation, including insurance sales agents, claims adjusters, insurance claims and policy processing clerks, insurance underwriters and actuaries.