Insurers reveal main aim of Equality, Diversity and Inclusion policies

Insurance-companies-reveal-main-aims-of-Equality,-Diversity-and-Inclusion-policies

The main aim of 45 per cent of insurer’s diversity and inclusion programmes is to improve workplace culture, a survey of Chartered Insurance Institute members has revealed.

A social media poll of 328 CII members in August asked: what is the main goal of your firm’s diversity and inclusion policy?

Most stated they were working to improve workplace culture, three out of 10 said they wanted to prevent discrimination, 18 per cent said the focus was to attract and retain talent while 7 per cent stated the main aim was to increase customer diversity.

The survey’s results come after the FCA stated while the financial services profession has taken steps forward on diversity and inclusion there is still much more that needs to be done to create truly diverse and inclusive organisations that meet the diverse needs of those we serve.

Sian Fisher, CEO of the Chartered Insurance Institute, said: “Diverse and inclusive businesses are better run businesses as they understand and value both their colleagues and customers as individuals.

“Diversity and inclusion policies shouldn’t be just about meeting a legal requirement – effective implementation and management of a strategy is vital to address workplace behaviour, evaluate progress and ensure the approach taken continues to be fit for purpose.

“We appreciate how challenging it can be to get this right, which is why the CII is committed to sharing good practice where our membership has boosted employee and customer wellbeing and engagement with their approaches.”

In 2019 the CII introduced a new requirement for all Chartered firms to have an EDI policy in place.

In April and May this year the CII surveyed 328 Chartered firms to measure the impact policies have and identify good practice.

The CII will use the findings of the survey to share good practice guidance on what insurance professionals can do to take strides forward to becoming more diverse and inclusive.

Authored by The Chartered Insurance Institute

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About CII

The Chartered Insurance Institute (CII), the leading professional body for the global financial services profession, exists to promote higher standards of integrity, technical competence and business capability.

With over 115,000 members in more than 150 countries, the CII is the world's largest professional body dedicated to insurance and financial services.

Our membership covers all disciplines within the insurance industry (claims, broking, underwriting), those working in the life and pensions sector, the mortgage advice market and financial advisers (under the Personal Finance Society brand).

Our Royal Charter requires us "to secure and justify the confidence of the public" in our members and in the insurance and financial services sector.

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