UPFRONT
EDITORIAL
Driving D&I in insurance
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rab your bells and whistles, folks! In these challenging and uncertain times, IBA has something to celebrate. We are delighted to present the magazine’s first-ever special report on diversity and inclusion, which begins on page 22. This feat is only made possible by the significant progress being made in the US insurance industry, where D&I has officially risen to the top of the corporate agenda. For insurance companies here and around the world, D&I has evolved from a ‘nice to have’ to a ‘need to have,’ and awareness is slowly being turned into action. Progress in D&I is evident in many ways. First, insurance companies are talking about it. They’re incorporating D&I into their communication strategies, they’re hiring D&I officers to spearhead the movement, and they’re elevating D&I to board-level importance. Many companies across the US have set up employee groups or programs – you can read about some examples in our D&I feature – to engage the workforce and weave a more diverse and inclusive culture into corporate America.
For insurance companies around the world, D&I has evolved from a ‘nice to have’ to a ‘need to have,’ and awareness is slowly being turned into action D&I isn’t just critical in terms of keeping employees happy and supporting them to do their best work; it also has other business benefits. Diverse perspectives will enable the insurance industry to spearhead much-needed innovation and transformation. Insurance, which has long been perceived as slow to adapt to change relative to other industries, needs fresh minds to tackle some of its longstanding challenges, such as legacy infrastructure, outdated service models and its ability to handle emerging risks. While progress is being made, companies shouldn’t fall into the trap of setting diversity targets. Hiring managers or team leaders might think, “We need X number of women, X range of ages and X number of people from different backgrounds to make this team diverse – and once those targets are hit, the job is done.” Unfortunately, that’s only half the work. Insurance companies also need to create an inclusive culture to support and nurture a diverse workforce. Dame Inga Beale, the former CEO of Lloyd’s of London, summed it up when she said there’s “more work to do” on D&I in insurance. Luckily, the passion and the eagerness seem to be there to drive this initiative forward. The team at Insurance Business America
www.ibamag.com MAY 2017 EDITORIAL
Managing Editor Paul Lucas Editor Bethan Moorcraft Journalists Alicja Grzadkowska, Ksenia Stepanova, Camilla Theakstone News Writers Lyle Adriano, Terry Gangcuangco, Roxanne Libatique, Gabriel Olano Staff Writers Ellen Burkhardt, Tom Goodwin, Kasi Johnston, Libby MacDonald, Ryan Smith Copy Editor Clare Alexander
CONTRIBUTORS Kirsten Bay, Carson Tate, Brian de Haaff
ART & PRODUCTION Designer Joenel Salvador Production Manager Alicia Chin Production Coordinator Kim Kandravy Traffic Manager Ella Dayandante
SALES & MARKETING Vice President, US Market Cathy Masek Vice President, Sales John Mackenzie Media Sales Manager Desiree McCue Global Head of Media Marketing Adrijana Monevska
CORPORATE Chief Executive Officer Mike Shipley Chief Operating Officer George Walmsley President Tim Duce Chief Information Officer Colin Chan Human Resources Manager Julia Bookallil
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