89% of respondents feel there is a greater sense of urgency around diversity and inclusion in the last year, with the majority (86%) attributed to senior management
52% report a rise in positive D&I culture in their organisations, up from 21% last year
63% of organisations are operating a D&I policy, an increase from 53% last year
Inclusion@Lloyd’s has launched its third report on diversity and inclusion (D&I) across the insurance sector. ‘Holding up the Mirror: Reflections on diversity and inclusion’ marks the first collaboration between Inclusion@Lloyd’s and the London Market Group to report progress.
Signatories of the Inclusion@Lloyd’s Diversity and Inclusion Charter and members of the London Market Group were invited to share progress and insights and indicated where they would like further support.
Respondents representing 35 companies with employee bases ranging from 90 to 165,000 people globally, answered both qualitative and quantitative questions on a voluntary basis. In addition to building a picture of progress through annual data gathering, the report highlights D&I activity including the third Dive In Festival, a review of the most prominent research from other sectors and examples of best practice from firms of all sizes.
Commenting on the research findings, Dominic Christian, Chair of Inclusion@Lloyd’s and Global Chairman of Aon Benfield International, said “The issue of inclusive cultures in the workplace has been all over the news in the past year which is reflected in the greater sense of urgency coming through in our research. Against that backdrop it is heartening to see how much effort and continuous progress Holding up the Mirror is able to report. Through close collaboration between partners and competitors, firms are taking bigger strides together as a market than if we acted alone. We need insurance to be capable of attracting and retaining the very best talent and the broadest perspectives to ensure our sector is resilient in the face of growing global complexity.”
Pauline Miller, Head of Talent Development and Inclusion at Lloyd’s, added: “Year three is an important milestone and one in which we are advocating for more action now that awareness of the business case for greater workforce diversity and more inclusive cultures has been heightened. Reflecting progress back into the market underpins the business case for deeper commitment to improved D&I practice at all levels from the C-suite down.”
The report is an initiative of Inclusion@Lloyd’s, the steering group that now includes representation from the LMG with the shared goal of embedding diversity and inclusion best practice to improve the industry’s ability to attract and retain the best talent, keeping it globally competitive and relevant.