Adapting to an evolving DEI landscape
The introduction of artificial intelligence (AI), increasing ESG responsibilities, climate change risks, cyber risks and never-ending consolidation are enduring features of the insurance landscape, but one thing hasn’t changed—the need to attract and retain talent.
Despite the strides made in the last few years on diversity, equity and inclusion (DEI), we are still some way off a level playing field.
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 continued investment into DEI initiatives and talent programmes is so crucial.
Throughout 2023 iCAN (the Insurance Cultural Awareness Network) has been working hard to promote the DEI agenda in the insurance industry and increase the visibility of under-represented groups.
This year, we hosted the inaugural iCAN Elevate Conference in September, which was aimed at providing valuable insights into the current landscape of the insurance industry to more than 300 early-career Gen Z professionals and students.
We are increasingly attracting people from outside the sector to attend and contribute to our events, thanks to our growing reputation for high quality, thought-provoking and entertaining content and the unrivalled networking opportunities we provide. From established business leaders to school leavers, we are seeing more non-insurance interest in DEI.
We have also seen a notable increase in attendees to our events saying that they weren’t considering a career in insurance until they came to an iCAN event—something we are immensely proud of.
“We are showing the outside world that there are people from diverse backgrounds succeeding in insurance.” Ajay Mistry, iCAN
Role models
Another way we have been promoting DEI in the insurance industry is by showcasing and celebrating all the important role models currently working in the sector, such as in our recent publication “60 Role Models for 6 Years of iCAN”. By elevating our role models consistently we are showing the outside world that there are people from diverse backgrounds succeeding in insurance.
Organisations within the insurance industry are increasingly recognising the importance of fostering a culture of DEI and are asking our advice on how to effectively support, retain and develop diverse talent.
The first step is active listening. It is essential for organisations to understand what their employees truly want. Is it career progression, talent development, or perhaps, more fundamentally, the opportunity to be heard and valued? This mutual understanding forms the bedrock of any effective DEI strategy.
There is an onus on leaders within the organisation to play a role in shaping an environment where everyone feels they belong. In the current era of hybrid working, the challenge for managers to adapt to an evolving DEI landscape has become more pronounced.
Practices that were acceptable in 2018 may no longer be suitable in the contemporary context, so it is essential to upskill leaders to manage diverse teams effectively in order to foster an inclusive culture.
Another strategic approach is to accelerate the progression of middle to senior-level ethnic minority talent. Regulatory bodies such as the UK Financial Conduct Authority are advocating for diversity at board level, so to align with these expectations, organisations need to proactively prepare under-represented groups for senior leadership roles, including board executives and non-executive directorships.
This approach not only meets regulatory demands but also cultivates a pipeline of diverse role models to inspire future generations.
Cautious optimism
As we look to the future, there is a sense of cautious optimism about the growing awareness of DEI issues within the insurance industry. The initiatives and progress made by iCAN and the broader sector, from elevating diverse role models to engaging an increasingly varied audience, are clear indicators of an encouraging shift in dynamic.
By continuing to foster an environment where every voice is heard and valued, and by nurturing diverse talent into leadership roles, we are paving the way for an insurance industry that is not only more inclusive but also more resilient and innovative.
There is still a lot of work to be done as we continue our journey towards a more equitable sector—something that is not just a moral imperative but a strategic necessity to make sure the UK insurance industry remains a global leader, now and in the years to come.
Ajay Mistry is the co-founder & co-chair of iCAN. Kishan Mangat is the co-chair of iCAN. To find out more visit www.i-can.me.
