What Diversity, Equity and Inclusion Changes, have we seen in the Industry since the first Dive In Festival in 2015?

Dive In plays a vital role in the insurance industry by supporting inclusive workplace cultures – started in 2015, the initiative launched in London as a collaboration between insurance industry leaders and is now an annual global event.

The festival will run from 24 – 26 September 2024 and will centre around the theme of "A Sustainable Future: The Next 10 Years”, encouraging businesses to view inclusive and diverse cultures not just as a business requirement but as an importance factor that can contribute to long-term success.

The Dive In Festival is especially important to me because it is where I met the individuals I worked with to get iCAN – The Insurance Cultural Awareness Network - off the ground. iCAN is a cross-industry network dedicated to supporting ethnic minorities and diverse individuals with their careers across the Insurance industry. iCAN is now seven years old and supports over 9,000 members and 50 corporate firms in four regional hubs (London, Manchester, Birmingham and Bristol) – which is all thanks to the impact of Dive In pushing likeminded individuals together.

As the 10-year anniversary of the Dive-In Festival approaches, I feel it is important to look back over the past decade and highlight the progress we have made in DEI over that time. Although it is also important to acknowledge there is still a lot of work to be done.

Increase in visibility of DEI

In my view, the most significant development in the past decade has been the heightened visibility of diversity issues within the insurance industry. The rise of social media, rapid news dissemination, and the ability to voice opinions on a global scale have connected people more than ever, providing platforms to help highlight critical issues such as ethnic pay gaps and board representation statistics.

Although this has certainly helped to advance DEI issues, many challenges still remain in the industry – particularly the challenge of attracting the right talent from ethnic backgrounds and making sure they have a clear career path in front of them to progress. 

 

Evolution of DEI within the insurance industry

The evolution of DEI over the last ten years has been nothing short of remarkable. What began as an effort to increase gender and ethnicity balance at senior levels has grown into a comprehensive program aimed at inclusivity and diverse recruitment. The industry has taken a courageous and introspective look at itself and identified areas for improvement.

Looking ahead, the landscape is rapidly changing with the rise of AI, growing ESG responsibilities, climate change risks, cyber threats and ongoing industry consolidation. Yet, amid these shifts, the imperative to attract and retain top talent remains a constant. This underscores the ongoing need to cultivate inclusive environments that nurture and harness diverse expertise.

Still working towards pay equity

Despite significant progress in DEI over the past decade, many challenges remain. One of the most persistent issues in the insurance industry is achieving pay equity. Although awareness and discussions have increased, the compensation gap, particularly affecting gender and ethnic minorities, continues to be a critical concern.

More ethnic representation at board level is needed

Another area I am keen to see more progress on is the representation of ethnic minorities in senior positions throughout insurance.

Recent data has shown that just 3% of senior positions in the UK insurance industry are currently held by individuals from ethnic minority backgrounds – far below the national average of 6.7%.

Having more diverse voices, perspectives and opinions at the highest level of the industry is important for a number of reasons. In particular, it makes sure that we reflect the needs of our customers and also provides a clear career path for new starters so the industry can continue to attract the very best young talent.

Importance of networking and mentorship

Also in need of a renewed focus is the role of networking and mentorship. Networking is essential for career advancement, yet many professionals struggle to access platforms that foster meaningful connections. The lack of strong mentorship programs within firms leaves many without the guidance and support they need.

For young professionals, mentors are invaluable. They offer insights into industry nuances, open doors to opportunities and provide personalised advice. Mentorship plays a crucial role in building confidence and a sense of belonging, especially for those from underrepresented backgrounds - empowering young professionals to break barriers and challenge the status quo

The UK has been a global leader in insurance for hundreds of years, but to continue to be a world leader we must be as innovative and creative as possible in welcoming people from diverse backgrounds.

The issues the world is dealing with now are more complex than they have ever been, so managing the risks posed by an ever more complicated world takes as much diversity of thought and experience as possible. This is why platforms like the Dive In Festival and the continued investment into DEI initiatives and talent programmes are so crucial.

The Dive In Festival has created a platform for the conversation – it is now up to all of us to decide how we use it.

 

To learn more about what iCAN are doing in the industry, visit www.i-can.me and to sign up to Dive In Events here: https://www.diveinfestival.com/