Legislators and employers are taking a keen interest in D&I, despite the challenges 2020 has thrown at the industry, indicating that the need and desire to go further is not just anecdotal, says Maurice Rose, senior manager, insurance risk and regulation, PwC and chair of Link, in his foreword to Intelligent Insurer's Diversity and Inclusion Report 2021.
Despite the difficulties 2020 has thrown at us all, diversity and inclusion (D&I) remains high on the corporate agenda, with heightened focus from market participants and regulators. This continued emphasis is welcomed by the insurance sector. However, as an industry, we still have further to go.
Culture and its interplay with D&I has received heightened focus across the insurance industry. Firms, if not there already, are becoming alive to the fact that a diverse workforce brings huge benefits, for the organisation in question, staff and clients alike. Not only is this the right stance to have, but the UK Prudential Regulation Authority (PRA) has begun to take a keen interest in this ever more important area.
The need and desire to go further is not just anecdotal—it has been observed by the UK Financial Conduct Authority (FCA). In September 2020, the FCA commented that: “Within the financial services industry, although there has been increasing recognition of a need for more diverse boards and executive leaders for some time, to date, progress has been limited.”
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