What is Inclusion & Diversity?
Inclusion is getting that mix to work well together. Diversity is about encouraging and supporting the mix of people that exist in the real world and recognising that differences can be strengths. It is not about positive discrimination, lowering standards, or promoting one group at the expense of another. Workplaces and industries that foster respect for, and appreciation of, differences are places where people can be authentic and achieve their full potential, leading to better outcomes for businesses and individuals alike.
Inclusion & Diversity at the IIL
The IIL is committed to inclusion and diversity (I&D). This commitment is demonstrated by having an Inclusion and Diversity Committee that works with the CII and IIL to promote I&D within the Institute; the adoption of a I&D strategy by Council; I&D articles in the Institute’s Annual Journal; and a dedicated Equality & Diversity policy.
The Institute’s I&D strategy focuses on:
- Engaging with the IIL Council on D&I issues and activities that may be relevant to the IIL and London Market
- Communicating the IIL’s I&D work through its website and Annual Journal
- Engaging members and the London Market through D&I related events, lectures, and committees
If you would like to get involved in the Institute’s I&D work please contact Allison Potts, Institute Secretary.
The Business Case – it’s a strong one
The talent crunch - Competition for talent is intense and demographic changes will only create further pressure. While only 1% of students are interested in a career in insurance , nearly 60% of insurance CEOs see shortages of skills as a significant threat to growth . The insurance sector needs to work harder to change the perception of the industry among both students and experienced professionals to attract the best talent out there, regardless of background.
Maximising talent – If an employee fails to perform at their best due to prejudice or the lack of opportunity, that’s talent wasted. In an environment where insurers are competing fiercely to attract and retain the best talent, we can’t afford this waste.
Time to get proactive - Outstanding companies are not only proactive in attracting the best talent from a wide and diverse pool of candidates, they also create inclusive workplaces. For the London Market to maintain its global pre-eminence in (re)insurance, it must tackle these challenges head-on, acknowledging that everyone benefits from working together to create a more diverse and inclusive industry.
Globalisation - With 82% Lloyd’s business originating outside of the UK we need to be able to speak the language and conduct business in a way that meet our customer needs.
What can you do?
There are many ways that Members and London Market firms can support this work, including:
- Communicate your commitment to I&D, outlining the importance of I&D and plans for change
- Get I&D onto board agendas and demonstrate tangible results, giving credibility to I&D work
- Encourage I&D networks to provide role models, support, guidance, and networking opportunities for I&D communities, companies, and the wider industry
- Educate employees and leaders on the importance of I&D so that they understand the impact of unconscious bias on themselves and others; changing attitudes, cultures, and working practices in the process
- How this is done will naturally vary from firm to firm depending on their needs, strategies and size. But it’s in all our interests to improve the perception of insurance, attract the best talent, and help create a more diverse and inclusive industry