Thursday, December 9, 2021

Published: The main goal of the Insurers Diversification Initiative

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According to a survey by the Chartered Insurance Institute, the most common goal of British insurers’ equity, diversity and inclusion (EDI) programs is to improve workplace culture.CII) Member.

A survey of 328 CII members conducted via social media in August asked: “What are the main goals of your organization’s diversity and inclusion policy?”

Nearly half (5%) said they were working to improve workplace culture, 3 out of 10 said they wanted to prevent inequality, 1% said attracting and retaining talent, and %% said the main goal was to increase customer diversity.

The results of the survey came after the Financial Conduct Authority said the insurance industry needs to do more to create truly diverse and inclusive organizations that meet the diverse needs of the people they serve.

“Diversified and inclusive businesses are well-managed businesses because they understand and value both their peers and customers,” said Sean Fisher, CEO of CII. “Principles of diversity and inclusion should not only meet a legal requirement – effective implementation and management of the strategy is essential to address workplace behavior, evaluate progress and ensure that the approach adopted is appropriate. We appreciate how challenging this right may be.” That’s why CII is committed to sharing good practices where our membership has increased the well-being of employees and customers and increased engagement with their approach.

In 2019, CII has introduced a new requirement to establish an EDI policy for all chartered firms.

In April and May, the CII surveyed 328 chartered firms to measure the impact of policies and identify good practices. The CII said it would use the survey results to guide insurance professionals on what they could do to make the industry more diversified and inclusive.

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