Moving the needle on diversity
As the focus on environmental, social and corporate governance (ESG) has increased over the past several years, companies around the world are leaning into their diversity, equity and inclusion (DEI) programmes.
Even amid the challenges to the existence of such programmes, executive leaders remain committed to DEI efforts. The reason for this is simple—research shows that diverse teams make better business decisions: in 2020 McKinsey reported that the most diverse companies are also the most profitable.
The international insurance and reinsurance sector is the biggest driver of Bermuda’s economy, yet there is limited participation by black Bermudians, especially in more senior roles. This dynamic remains despite laudable DEI efforts undertaken by many of the international companies in Bermuda, and it leads to the question of why these DEI efforts are not paying off at the rate one might expect.
Perhaps at least partly in response to this, the Association for Corporate Racial Equity (ACRE) was formed to sustainably correct this historic imbalance in international business. This organisation, together with Athene and Bermuda International Long Term Insurers and Reinsurers (BILTIR)’s own efforts, is helping to drive progress to increase representation in our sector.
If organisations are serious about diversity, they need to have a plan and think carefully about their recruiting strategy for talent at all levels. At Athene, we spearheaded the first Life Career Expo in 2023, providing students and career shifters with information about career opportunities available in the life and annuity re/insurance industry in Bermuda, with the ultimate goal of reducing the barriers to entry into international business in Bermuda by educating Bermudians on the options that are available to them.
If students position themselves for these roles by studying the right subjects at university, Bermuda can build an organic pipeline of talent qualified to fill these highly technical roles within the insurance industry.
Organisations should focus on developing their scholarship and internship programmes so that participation at university, and later the workplace, is not limited by economic means. In Bermuda and globally, there is a population of young people who have the potential to be the future of the re/insurance industry, but it is crucial for us as insurers to make space for them via our recruiting efforts.
Changes to hiring practices
Reducing barriers to entry and promoting DEI is a solid start, but it will not succeed unless there is a strong culture to reinforce inclusion. Companies serious about creating an inclusionary culture will need to challenge the status quo and take a closer look at how they are recruiting, hiring, managing and retaining employees.
“It is important to select inclusive activities to engage as many of your employees as possible.” Natasha Scotland Courcy, BILTIR
This might look like moving to a resumé-masking approach to prevent biased recruitment decisions; reviewing compensation packages for fairness and equity across similar job titles; looking at how and why certain employees are selected for career development opportunities; and considering the team-building activities sponsored by the company.
For example, senior leaders may use fishing trips or golf as a way to build and strengthen relationships, but it is important to select inclusive activities to engage as many of your employees as possible.
At Athene, the Navigator Sponsorship Program was launched to help develop and retain high-potential, under-represented talent through a comprehensive framework of development sessions, relationship building and advocacy. Since launching in 2021, 29 employees, representing nine of Athene’s business units, have been selected to participate, with a 76 percent retention rate.
Today’s employees are more invested in company culture than previous generations, and studies support that DEI is considered an essential aspect of a good and healthy culture. Challenging the status quo and changing business processes that influence company culture is no easy feat, but it is necessary if companies want to benefit from the enhanced decision-making and increased profits that come along with a more diverse and inclusionary workforce.
Natasha Scotland Courcy is chair of Bermuda International Long Term Insurers and Reinsurers, and the chief executive officer and general counsel of Athene Bermuda. To find out more about BILTIR visit www.biltir.bm.
