The Importance of Diversity in Insurance
It is intuitive that diversity is important and, as such, diversity and inclusion has made its way to the core of many programs and organizations including the risk management and insurance industry.
Further, the organizational and financial benefits of diverse perspectives in the industry is becoming an increasingly frequent object of research. The results of such research are abundantly clear: diversity is a core component of organizational success. We encourage you to explore the below resources to gain a deeper understanding of the ways in which diverse employees lead to creativity and prosperity in a business setting.
The RIMS Risk Management report summarizes surveyed research displaying the talent gap existing in the insurance industry, and how employees with diverse backgrounds are vital for future sucess in the industry.
This 2019 article documents the implicit biases faced by women and minorities in the insurance industry, especially during the hiring process, and the negative impacts these biases has on diversity in the risk mangaement sector.
This article delves into "Career Undermatching" in which recent grads from low-income homes are underemployed because they do not have access to the same relationship-based hiring opportunities as their peers.
This insightful article raises awareness regarding the ways unconcious bias can manifest itself in the workplace, and ways in which employees can become aware of and ultimately eliminate those biases.
Diversity is important at face value. This McKinsey article outlines how a diverse workplace pays dividends on a purely finacial basis as well, showing the correlation between high levels of gender and racial diversity with higher profits.
The July/August 2020 magazine from Employee Benefits News hones in on the was in which national protests around racial inequality in the US are raising the bar for inclusion in employee benefits packages.
This study provides quantitative and personal insights into the deficiencies of opportunity faced by African Americans over many decades at leadership and other employment levels throughout the insurance industry.
This study reaffirms the global relevance of the link between diversity and company financial performance. It explores diversity at different organizational levels, considers diversity beyond gender and ethnicity, and best practices.
The September 2020 edition from Business Insurance explores the disconnect within the E&S industry around diversity and the impacts of recent protests and civil unrest in the United States on policies.