Navigating the Complex Landscape of DEI in the Insurance Industry: Insights from JIF 2022

The Imperative of Diversity, Equity, and Inclusion in Insurance

At JIF 2022, a panel of industry leaders convened to discuss the pressing need for diversity, equity, and inclusion (DEI) in the insurance sector. Jennifer Kyung, USAA's Property & Casualty chief underwriter and Triple-I Chair, emphasized the critical role of diverse talent in filling the industry's significant talent gap. "We need to focus on talent and ensure it is diverse," Kyung stated. "With hundreds of thousands of jobs to fill, we must prioritize those with the best skill sets."

Challenges and Sensitivities in DEI Implementation

Roosevelt C. Mosley Jr. of Pinnacle Actuarial Resources highlighted the sensitivity of DEI issues, noting that different interpretations exist. "We must recognize our differences and ensure we serve diverse communities by being diverse ourselves," Mosley said. Traci Adedeji, president-elect of CPCU Society, added that DEI must be embedded in an organization's culture, emphasizing the need for intentional actions towards equity and inclusion.

The Business Case for DEI and Future Directions

John Tribble of Church Mutual and Rebekah Ratliff of JAMS underscored the business imperative of DEI. Ratliff emphasized the need to assess and revamp cultures to utilize diverse talent effectively. The panelists agreed that DEI efforts must originate from the highest levels of an organization, with mandates and incentives playing a crucial role. Kyung's question about the industry's DEI progress compared to others remains pertinent, with Ratliff noting the need for truthful examination of company culture and barriers to entry.

Recent data from the Insurance Information Institute (Triple-I) shows that while the insurance industry has made strides in DEI, it still lags behind sectors like technology and finance in terms of representation and inclusion. For instance, women hold only 20% of executive positions in insurance, compared to 25% in technology. Additionally, minorities represent 15% of the insurance workforce, versus 20% in finance.

To foster a more inclusive industry, readers are advised to:

Engage in continuous learning about DEI issues.
Advocate for policies that promote diversity and inclusion within their organizations.
Support mentorship and sponsorship programs to help diverse talent advance.