The Association of British Insurers aims to “transform the sector” with its new diversity, equity and inclusion blueprint, which it hopes will help attract people into the industry from a far wider background, while supporting career progression from under-represented groups.
This multi-year strategy aims to take a holistic approach to DEI, with the aim of making the insurance and long-term savings industry the most inclusive sector within the UK economy.
The blueprint looks at each stage of the employment journey, while also ensuring there is a greater understanding of what works to drive improvement in this area. As well as setting out priority areas for the ABI, this blueprint also explores what good practice looks like for the industry, and highlights where insufficient progress has been made to date.
- Recruitment: The ABI says the sector has made progress, but it has not been consistent. While the proportion of board members that are women increased from 29 per cent to 32 per cent last year, the overall proportion of employees from ethnic minority backgrounds across the industry fell from 10 per cent to 9 per cent, largely due to decreases at entry level. This new blueprint says the first goal must be focused on recruitment practices. It aims to encourage people from all backgrounds, experiences and seniority into the sector, and to break down any barriers in their way. With a greater focus on socio-economic status, this document also seeks to make opportunities for apprentices and school-leavers attractive and inclusive, drive up the take-up of initiatives to support under-represented groups into the industry, and show that insurance and long-term savings offers a wide range of attractive career opportunities for many different skillsets.
- Career progression: This strategy also sets out key opportunities and mechanisms that can help create environments that retain, embed and expand a diverse workforce of talented people. From structured secondments and mid-career apprenticeships, to offering further support for significant life events, such as fertility treatment, bereavement, miscarriage and menopause. The ABI says it is important to acknowledge the importance of creating a culture that supports employees at every stage in their career so that they can reach their full potential.
- Better understanding of DEI issues: Evidence is crucial to identifying where the gaps or barriers for protected groups exist and targeting efforts to tackle them. The ABI says that at present, data collection across the industry is piecemeal. In particular, 29 per cent of companies participating in the ABI’s data collection are capturing some form of data on social mobility, but a further 20 per cent plan to. This strategy aims to build a consistent set of metrics to support members in gathering the necessary DEI information, including social mobility, and includes an ABI commitment to develop guidance to help employees feel more comfortable sharing their data. It also encourages a culture of transparency, so that the evidence can be used to advance understanding and measure progress.
ABI director general Hannah Gurga says: “At a time when society is entering the most challenging circumstances in a decade, the need for a diverse range of experiences and perspectives has never been greater.
“This isn’t just about changing the way the industry looks and feels, it’s about creating a more effective industry that represents the people we serve.
“Whether it’s financial resilience or climate change, our sector has always aspired to be at the forefront of efforts to address societal challenges. So we must also play a leading role in creating diverse, equitable and inclusive workplaces. With initiatives such as the #MakingFlexibleWork campaign and signing up to Business in the Community’s Race at Work charter, we’ve made a start. But there is much more to do.”
The ABI says that by working with leaders and DEI experts both inside and outside of the industry to help reach its ambition of being the most diverse, equitable and inclusive sector of the UK economy.