Expert View: Diversity and inclusivity in insurance - the change lies with you

Diversity and inclusion (D&I) has become a popular topic in the insurance industry. Although the discourse surrounding D&I has increased, the insurance industry still has a lack of diversity in the workplace.

This shouldn’t come as a surprise: the insurance industry is renowned for being reluctant to change. According to one survey, the average profile for a member in the insurance industry is a 39 year old, heterosexual (85.6%), Caucasian (89.4%) male.

For this to change, the insurance industry needs to change its perspective, not necessarily the people in it. A company’s culture usually permeates from the top.

A company’s leadership team ultimately determines the company’s tone, direction and ultimate success. If decision makers change their perspectives toward the adoption of D&I in the workplace, this creates a desired ripple effect. When speaking with members of the industry, however, many do not know where or how to start.

A great starting point is to register with the The Insurance Cultural Awareness Network (iCAN) and the Gender Inclusion Network (GIN), a couple of the leading initiatives that make a consistent effort to promote D&I in the industry.

Getting involved requires a quick newsletter sign up, with multiple (often free) events throughout year. Ever year, Lloyd’s also hosts the Dive In Festival to show how diversity and inclusion can bring positive and innovative benefits to the insurance industry.

In July, Lloyd’s and Zurich Bank UK initiated a pledge, inviting insurers, brokers and relevant third parties to sign the Inclusive Behaviours in Insurance Pledge. PremFina did so too. Getting involved is not as difficult or costly as it might seem.

Why does it matter? Why should brokers bother to sign a pledge or care about D&I? The answer is simple: diversity is a key driver for innovation, which in turn fosters competitive advantage and growth.

At PremFina, diversity is not just a pledge for us, it’s in our DNA. Of our staff, 46% are women, 32% are under 30 years of age and 56% are from abroad. When compared with the Census 2017 profile quoted at the top, our average staff member defies the statistics and the traditional look of who makes up the industry.

Our successful disruption of the premium finance industry is not just due to our unique offering, but the people behind our business. From three brokers in Q3 2017 to 60+ in Q4 2018, our success lies in our being different. At PremFina, we are proof how diversity can promote innovation and change.

This is a call for members of the industry to join in the D&I movement. Embrace diversity, foster inclusivity, promote change – within your own organisations to start. Together, we can make the insurance industry a better and more inclusive place for all.