Showcase the careers insurance can offer
Despite the common perception that insurance isn’t exciting or glamorous, the reality is that it plays a pivotal role in responding to society’s needs and contributing to restoration after damaging events.
Insurance is a catalyst in addressing challenges around the world and presents a range of exciting global career opportunities.
This is according to Trevor Gandy, global head of diversity, equity and inclusion (DEI) at AXA XL, who reflected on his personal career journey. “I started as a commercial underwriter—a relatively junior position that gave me the responsibility of assessing risks, collaborating with brokers, and wielding decision-making authority.
“Comparatively, the scope of my responsibilities at that stage surpassed those of my peers who ventured into banking, accounting, and other financial services,” Gandy says.
“Over time, contemplating the evolution of our industry, particularly with the emergence of cybersecurity, I’ve had the privilege of interacting with colleagues who are specialising in and navigating complexities that never existed before.
“The industry’s constant need to adapt is evident in our considerations of environmental capabilities. The diverse landscape of insurance responses, spanning products and services, requires individuals with intuitive skills and diverse backgrounds to effectively represent these offerings and, ideally, do so profitably.
“In my career, I’ve encountered colleagues specialising in aviation insurance and entertainment, showcasing the adaptability of the industry to cater to the unique needs of any sector. It’s fascinating to witness individuals entering the field with backgrounds in fine arts, seamlessly transitioning into fine arts underwriting, or those with military experience finding their niche in cyber underwriting.
“The insurance industry, once again, proves to be a versatile landscape that can present opportunities to align with one’s interests,” he explains.
Gandy believes that the industry must focus on attracting and cultivating the next generation of talent. This involves not only marketing opportunities effectively but also establishing robust development programmes.
“We are equally invested in understanding and retaining experienced professionals.” Trevor Gandy, AXA XL.
When reaching out to the upcoming generation, he says, it’s essential to adopt a global perspective and recognise the diversity in socioeconomic backgrounds. Addressing social mobility is key, creating a work environment that fosters thriving talent.
“Our commitment extends to diversity policies with explicit gender targets and a significant focus on race and ethnicity,” he says.
“However, it’s not about only the younger demographic; we are equally invested in understanding and retaining experienced professionals who have dedicated significant time to the industry,” he adds.
Effective talent management
Taking a holistic approach to talent management is essential, considering the needs of employees at various stages of their careers, Gandy says.
“By doing so, the industry can effectively respond to these diverse needs and, in turn, align with our goals for DEI. A comprehensive talent management strategy, attuned to the lifecycle stages of employees, is instrumental in achieving these objectives.
“At a grassroots level, initiatives such as apprenticeships, internships, and direct engagement with students at university and high school become essential. It’s crucial to introduce them to the myriad options available within our industry.
“Examining university student demographics, there’s a significant opportunity, particularly from a DEI standpoint, to show that all roles within the industry are accessible to women, supported by an industry keen on fostering their development. This applies equally to other demographic groups,” he explains.
“Proactivity is key in securing our fair share of emerging talent. For instance, in the UK, we initiated the 1,000 Black Interns programme, aiming to transition outreach efforts into tangible opportunities within our workplace. Similarly, in the US, our non-profit initiative, LiveGirl, initially focused on philanthropy, has evolved to connect and mentor young women, paving the way for them to become interns and potentially future employees.
“It’s about identifying and implementing interventions today to bridge the gap and ensure that we align with the talent we seek, as I believe the dots won’t naturally align without our proactive efforts.
“Our approach to DEI is structured around four key pillars. The first is culture, where we focus on creating an inclusive work environment globally, considering aspects such as generational differences and various demographics.
“The second pillar is the workforce, addressing both current and prospective talent needs, emphasising long-term workforce planning, spanning the immediate future as well as projecting requirements over the next decade.
“The third and fourth pillars are marketplace and community. Marketplace involves aligning our products and services with customer needs, navigating regulatory initiatives, and ensuring we stand out as a top performer.
“Community evaluates the impact of our core insurance operations and intentional efforts to support and connect with communities, striving to leave them better off and fostering prosperity,” Gandy says.
AXA XL has been global festival partner of the Dive In Festival since its inception in 2015. With AXA XL having over 10,000 colleagues in 30 countries around the world, Gandy believes that the Dive In Festival’s international reach has a strong global cultural relevance for the organisation.
“It’s a global DEI event where employees collaborate with other leading and committed organisations to develop, curate and deliver sessions that will inform, educate and elevate the industry,” he says.
The introduction of the Dive In to Reverse Mentoring initiative that was launched this year serves as a powerful means to engage professionals at all career stages, ensuring they maintain a high level of interest and excitement in the insurance industry and their chosen roles.
“Another impactful outreach effort, Dive In to Insurance, is a collaboration that allows us to reach out to the youth, ensuring they are well-informed about the diverse opportunities within our industry,” he says.
Diversity brings agility
Gandy says that the essence of Dive In’s 2023 theme, “Unlocking Innovation: The Power of Inclusion” aligned with AXA XL’s collective goal. “It’s not merely about increasing the count of diverse talent but harnessing the power of diverse experiences, perspectives, and working styles.
“I commend Dive In for its evolution from a significant signature event to a comprehensive global platform.”
“This approach contributes to cultural agility, a crucial aspect for a global employer like us. The benefits extend beyond our internal work environment; they shape the expertise and perspectives that we offer to clients and trading partners, enriching the value we bring to the broader business community,” says Gandy.
“I have witnessed Dive In’s transformation into a global platform with new initiatives such as reverse mentoring. Having joined AXA XL in April, I quickly became involved with the Dive In global committee,” he adds.
“We had representation from 10 countries, and we hosted or co-hosted events in four countries, totalling 20 global events. For me, as someone new to the organisation, Dive In served as a catalyst to engage colleagues actively. Through our partnership with Dive In, we were able to deliver events and activities that had a substantial impact,” he says.
“I commend Dive In for its evolution from a significant signature event to a comprehensive global platform and I expect the sponsorship of Dive In will continue to evolve beyond the festival, setting things in motion that will resonate throughout the year.”
Ongoing initiatives present opportunities for AXA XL and other sponsors to be directly involved, showcasing meaningful impact.
“Beyond this, Dive In is expanding its programmes, focusing on attracting talent to the industry, nurturing careers and, over time, measuring the tangible impact of its initiatives on industry progression. It’s evident that Dive In has solidified all these foundational elements, ensuring a comprehensive and impactful approach to its mission,” says Gandy.
“We are actively seeking to attract talent on a global scale, aiming for a diverse and expansive pool of individuals. One key aspect of our strategy involves informing potential talent about our industry. Those already within the field possess knowledge about products, services, and the operational aspects of insurance companies, but we recognise the importance of reaching individuals who are exploring diverse career paths.
“It is crucial for us to articulate what sets our services apart, emphasising the unique role insurance plays in communities and society at large. We believe in conveying the distinctive ways we provide products and services to support these essential needs.
“From a talent perspective, we want to highlight the opportunities for individuals to actively contribute and make a meaningful impact within our organisation.”
Working towards a purpose
“For DEI to have a lasting impact, it must align with the purpose of our work and business objectives,” says Gandy.
“This involves finding connection points between talent and business goals. A multi-year strategy, akin to any significant business initiative, is essential, supported by defined processes to achieve objectives. The impact is then measured, with clear accountabilities in place.
“I am fortunate to lead this initiative at AXA XL, supported by a dedicated team and an organisation where colleagues are not only supportive but actively engaged in driving our DEI efforts forward.”
Measurement is a key aspect of understanding the impact of DEI initiatives. Inclusion surveys, tracking how people feel about being part of the organisation over time, and assessing the reach of diverse talent in various markets, are vital metrics. Directly measuring the output of DEI work is an evolving necessity, emphasising the tangible outcomes and differentiations achieved.
Gandy says that DEI roles can serve as important development opportunities for professionals from diverse backgrounds within the organisation. Drawing on personal experience, transitioning from an underwriter to a human resources project led to a fulfilling career, with past experiences playing a pivotal role in current DEI work. This trajectory underscores the value of varied experiences, and it’s essential to recognise that future DEI professionals can bring unique insights from different parts of the organisation.
“Inclusivity in the backgrounds and experiences of insurance professionals will be integral to the continued elevation of the work. Future people in these roles should ideally hail from diverse areas, as varied experiences contribute to the richness and effectiveness of the industry,” he concludes.
