dive-in
12 December 2019 Insurance

How far have we come, and how far can we go?

This year has been significant for diversity and inclusion (D&I) in the insurance sector for a number of reasons—many inspiring, but others undoubtedly challenging. The market has been faced with tackling big challenges, such as those the media shone a light on earlier this year showing instances of harassment and bullying that had gone unchecked.

Results of the recent culture survey by Lloyd’s of London were uncomfortable for many and highlighted the need to create safe environments in which concerns can be raised and where those raising them feel listened to. Behind the headlines, however, there is a real determination to make concrete changes and plenty to be proud of.

At the heart of the positive action is the Dive In Festival, the festival for D&I in insurance. Founded by Inclusion@Lloyd’s, the group that provides D&I strategy and governance across the Lloyd’s market, its mission is to enable people to achieve their potential by raising awareness of the business case and promoting positive action for diversity.

Despite its traditional reputation, the insurance industry was the first to introduce a sector-wide D&I movement, asking companies across the sector to come together to create a positive impact on workplace culture.

Despite the nervousness that Inclusion@Lloyd’s might have had about a D&I festival, the first of its kind for insurance, the Dive In Festival has grown exponentially since its inception. The festival has reached global heights with events taking place in over 60 cities across 32 countries, attracting more than 10,000 people. The festival has proved itself to be a catalyst for change in the industry by giving the insurance industry the tools, inspiration and advice for best practice in inclusive workplace cultures.

Making waves
This year we celebrated Dive In’s five-year milestone which gave us cause to reflect on the progress made and the impact we have made. An onlooker would note the festival’s biggest triumph as the global footprint it has made. International markets all around the world have adopted the Dive In Festival, breaking new ground in countries where D&I may not have always been in their DNA.

Events in Riyadh and Amman explored female empowerment in a male-dominated industry, while events in Johannesburg and Lagos this year explored the business case for D&I.

Powerful personal stories at the Dive In Festival have made it easier to normalise discussions about issues such as gender equality, family care responsibilities and mental wellbeing at work. These discussions have prompted organisations to implement initiatives and policies designed to create a more inclusive workplace culture.

Aon, for example, has pioneered a flexible and agile working scheme and Aviva has implemented a brilliant initiative to support employees receiving fertility treatment. At Lloyd’s we have introduced a family-friendly policy allowing anyone starting a family—whether through natural means, adoption, or surrogacy—maternal or paternal six months full paid leave with four weeks phased return to help employees back into work. Creating workplaces that are flexible around employees’ needs and wellbeing has become a priority for organisations within the sector.

The power of the grassroots
When I reflect on the changes in D&I in the industry, I can see that it is the people involved at the grassroots level through employee resource groups and active organisations who are the most effective. The whole is greater than the sum of its parts.

Inclusion@Lloyd’s supports six cross-market grassroots employee resource groups—partner networks—that focus on specific D&I needs: the Gender Inclusion Network (GIN), LGBT Insurance Network (Link), Insurance Cultural Awareness Network (iCAN), Insurance Families Network (IFN), Insurance Disability, Ability and Wellbeing Network (iDAWN), and Next Generation Insurance Network (NGIN) are all pressing for improvement across a range of D&I topics and working together to make change happen.

At an organisational level, dedicated resources, funding and senior sponsorship have been introduced to carry the focus through the year, and they are often responsible for the initiatives coming out of the market.

How far can we go?
Progress has been made, but the next question is where and how far can we go?
The answer lies in data. Organisations have repeatedly come across the stumbling block of measurement, wanting to show the impact their positive initiatives have had, yet lacking the appropriate data to prove it.

To help organisations overcome this, Inclusion@Lloyd’s has released the Data Collection toolkit ( https://inclusionatlloyds.com/wp-content/uploads/Lloyds_Data-Collection-report-FINAL.pdf), a guide to collecting data on workforce composition, presenting the business case for doing so. Monitoring the diversity of the workforce is crucial in understanding not only who is in the organisation now, but also what groups of people and diverse perspectives you might be missing out on.

This data creates a benchmark against which effectiveness can be properly measured and it can highlight the gaps or issues that can be addressed before they become problems.

To keep progressing, and to know we are going in the right direction, we must focus on measurement. Educating organisations and employees on the importance of collecting (and giving) important D&I data is the key to unlocking the next stage of progress for D&I in insurance. Once that door is opened, who knows how far we can go?

To find out more about the Dive In Festival visit
https://diveinfestival.com/
Dive In is an initiative of Inclusion@Lloyd’s, the group that provides D&I strategy, governance and practical support across the Lloyd’s market. www.inclusionatlloyds.com

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