Write up – ABI Association of British Insurance – Diversity, Equity & Inclusion Summit

Write up – ABI (The Association of British Insurers) Diversity, Equity & Inclusion

The ABI (Association of British Insurers and the voice of insurance and long-term savings data) shows the urgent need for action in order to increase diversity in the insurance and long-term savings sector. Ethnicity, age, gender, ability, socioeconomic backgrounds, there is a need to boost the attractiveness of the industry to people of all backgrounds. The Black, Asian and minority ethnic employees make up 10% of those holding entry level positions. At Executive and Board level this drops to just 2%. Improving diversity needs to be seen as a major long-term programme of cultural change that is properly resourced, planned, measured, monitored and supported by senior leadership.”

I was recently at the ABI diversity Equity & Inclusion Summit. There were fantastic talks and discussions with Industry leaders, I found it a very insightful and a thought-provoking event.

It really highlighted the disproportionate numbers of diverse talent who have a genuine and meaningful seat at the top table. Amanda Blanc, Group CEO of Aviva plc, highlighted that although there has been a significant increase to 40% of FTSE 100 organisations having female leaders on the board, a staggering 91% of those were in the form of NED positions and not in C-suite or executive positions.

It feels that those numbers call attention to the notion that EDI is being seen more as a box ticking exercise rather than being a crucial and passionate focus. This may not necessarily be the case, there is no magic wand to turn an organisation into the most diverse and inclusive in the world overnight, Rome was not built in a day. However, there are many techniques, processes, actions, or measures (pick your favourite word) that can help turn the tide and begin to make a true and beneficial change.

Discover your WHY!

As with many things in life the why is the most powerful driver. Why would you want your c-suite to be diverse? You need to understand IF you were to have 8 people who all looked, spoke and thought the same the argument would be that the diversity in ideas would be very limited. A more diverse top table can and likely would be more representative of your complete customer base, often seeing certain challenges from a different perspective and offer alternative solutions.

Each speaker at the summit, was very open and honest with their ideas, actions, and the results they have yielded within their own organisations. Discussing thought processes and best practices on how to tackle the issue. An underlying theme for the summit was sharing best practice with the reminder that collaboration and synergy is the only way to continue to make progress, work together as a collective to tackle the issue and to not see diversity and inclusion as a white elephant, competition, or branch to beat one over the head with. Instead view diversity as a needed and beneficial change and concept that would enrich and enhance company performance, sharing and collaborating to drive the change needed.

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