Transforming Insurance: Diversity, Equity, and Inclusion in Action

Progress and Challenges in DEI

The insurance industry has made strides in Diversity, Equity, and Inclusion (DEI), but there is still much work to be done. According to S&P Global research, the number of Black professionals in the insurance industry increased to 12.4 percent of the workforce from 9 percent in the last 10 years. However, the pace of change is lagging, and barriers to entry remain significant. Dr. Leroy Nunery II, author of The Journey of African-American Insurance Professionals, emphasizes that DEI cannot stand alone and must be integrated into the core values and culture of companies.

Breaking Barriers and Building Networks

One of the primary challenges to DEI within insurance is the barrier to entry, often driven by nepotism and family connections. Nunery believes that people of color can shift these numbers and take advantage of that momentum. Companies are realizing that commitment to DEI is more than hiring more people of color; it involves developing markets, forming business alliances, and investing in training and advocacy. Nunery is working with a client on a six-month job shadowing program that partners people of color with senior executives, providing C-suite exposure and access to meetings that were previously out of reach.

CEO Leadership and Accountability

A September 2020 survey by Business Insurance showed that 63 percent of respondents believe that the CEO bears the greatest responsibility in making DEI work. Nunery agrees and adds that the CEO not only needs to say that DEI is important but also puts it into action. To make DEI successful, companies need to be more honest with their exchanges, evaluate managers for DEI efforts, and make it a mandatory part of board discussions.

In conclusion, while the insurance industry has made progress in DEI, there is still much work to be done. Companies need to break down barriers to entry, build networks, and ensure that DEI is integrated into their core values and culture. CEOs must lead by example and hold themselves and their teams accountable for DEI efforts. For readers, the key takeaway is that DEI is not just a buzzword but a critical component of a successful and inclusive workplace.