ABI publishes new Blueprint aimed to improve diversity in insurance

The Association of British Insurers (ABI) has published a new Blueprint which sets out a multi-year strategy and plan to improve diversity, equity and inclusion (DEI) across the insurance and long-term savings industry.

According to the ABI, the new Blueprint sets out DEI priority areas for the association to lead on good practice and open up opportunities for collaboration with experts.

It looks at each stage of the employment journey, from using inclusive recruitment practices to attract the best talent from all backgrounds, to helping employees grow and progress their careers in the sector, and advancing understanding of what works to drive improvement.

Hannah Gurga, ABI Director General said: “At a time when society is entering the most challenging circumstances in a decade, the need for a diverse range of experiences and perspectives has never been greater. I’m proud that our industry is setting the path for change with this ambitious Blueprint. This isn’t just about changing the way the industry looks and feels, it’s about creating a more effective industry that represents the people we serve.”

The ABI noted that even though the sector has made progress, it has not been consistent. While the proportion of board members that are women increased from 29% to 32% last year, the overall proportion of employees from ethnic minority backgrounds across the industry fell from 10% to 9%, largely due to decreases at entry level.

The Blueprint’s first goal is focused on recruitment practices. It aims to encourage people from all backgrounds, experiences and seniority into the sector, and to break down any barriers in their way, the ABI highlighted.

Once in the industry, the Blueprint sets out key opportunities and mechanisms that can help create environments that retain, embed and expand a diverse workforce of talented people.

Additionally, as evidence is crucial to identifying where the gaps or barriers for protected groups exist and targeting efforts to tackle them, the ABI’s new Blueprint aims to build a consistent set of metrics to support members in gathering the necessary DEI information, including social mobility.

Tracy Garrad, AXA Health CEO, Executive Sponsor for Diversity & Inclusion AXA UK&I and Chair, ABI Board Sub Group on DEI, said: “Giving people from all backgrounds an opportunity to progress successfully in their roles is something that is hugely important to AXA and a core business value.

“In the current climate it is vital to ensure that the entire insurance and long-term savings sector is adapting to offer our workforce rewarding careers. The Blueprint is a great step towards making this happen and will help create more diverse, equitable and inclusive workplaces for the future.”

Source: Reinsurance News, https://www.reinsurancene.ws/abi-publishes-new-blueprint-aimed-to-improve-diversity-in-insurance/

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