WSIA Diversity Foundation 2022 Annual Report

TWENTY TWENTY TWO ANNUAL REPORT

WHOLESALE & SPECIALTY INSURANCE ASSOCIATION

WSIA DIVERSITY FOUNDATION

THE WSIA DIVERSITY FOUNDATION was founded in 2020 as a 501(c)(3) charitable organization. Its founding came after the WSIA Board of Directors identified enhancing diversity in the wholesale, specialty and surplus lines segment as a strategic initiative in 2019, with financial support from WSIA member firms and individuals committed to bringing the initiative to the forefront. Since its launch in 2020, the Diversity Foundation has received pledges and contributions totaling $2.9 million from WSIA member firms, individuals and the WSIA Education Foundation.

FROM CARLTON MANER

The WSIA Diversity Foundation is committed to enhancing and supporting a diverse, equitable and inclusive association and industry where all feel welcomed. It’s a tall task, but I am immensely proud of the work the foundation has undertaken in the last year, and I believe we’re making meaningful progress.

The Diversity Foundation’s work assists member organizations in intentionally nurturing inclusive mindsets and workplace experiences, and improving opportunities for underrepresented populations, therefore advancing the industry.  We believe that when people experience this culture in action they are more innovative and possess a sense of belonging that improves employee retention, customer retention and profitability. I have learned during my years in this industry that building a high-performing team requires mutual trust, and the best way to establish trust is by listening, responding to the needs of your team, and being authentic and transparent in your interactions with them. The Diversity Foundation’s initiatives are making tools available to help me and other professionals improve these skillsets.

I am also really proud of the Foundation’s work to improve awareness about careers in wholesale, specialty and surplus lines insurance among a more diverse group of students. The opportunity to provide summer internships to diverse candidates and engage them in conversations about the industry at industry events and on their campuses will move the needle. This industry has so much to offer and providing scholarships and other forms of support to students from a wide range of perspectives and backgrounds helps all of us personally and professionally.

It is an honor to present this 2022 Annual Report with highlights of this work during the last year, but I know we are just beginning this journey and we look forward to enhancing and growing these initiatives into the future.

Carlton Maner, AXIS Insurance Chair, Diversity Foundation Board

WSIA DIVERSITY FOUNDATION MISSION STATEMENT

The WSIA Diversity Foundation, founded in 2020, promotes diversity in areas including, but not limited to, race, gender, disability, and the LBGTQ+ community, and influences meaningful progress in the diversity of the wholesale, specialty and surplus lines insurance industry and its talent pipeline. The Foundation offers tools and resources to help WSIA member firms, and their employees, with ongoing learning to promote diversity, equity and inclusion in its broadest sense to enhance their diversity, equity, and inclusion journey.

The foundation strives to:

• Promote diversity and inclusion with the larger, unified voice of the entire insurance industry;

• focus energy and purpose to influence meaningful progress in the diversity of the insurance industry and its talent pipeline;

• coordinate programs to promote diversity, develop inclusive workplace cultures, and attract diverse talent to the insurance industry; and

• foster synergy among the diversity programs and initiatives of a large number of industry participants.

THE WSIA DIVERSITY FOUNDATION, FOUNDED IN 2020, PROMOTES DIVERSITY IN AREAS INCLUDING, BUT NOT LIMITED TO, RACE, GENDER, DISABILITY, AND THE LBGTQ+ COMMUNITY, AND INFLUENCES MEANINGFUL PROGRESS IN THE DIVERSITY OF THE WHOLESALE, SPECIALTY AND SURPLUS LINES INSURANCE INDUSTRY AND ITS TALENT PIPELINE.

DIVERSITY

WSIA DIVERSITY FOUNDATION

WSIA DIVERSITY FOUNDATION INITIATIVES

TALENT OUTREACH INITIATIVES

• Diversity Speakers’ Bureau volunteers visited with 243 college students with informational sessions promoting career opportunities during presentations to INROADS and 6 colleges and universities.

o Dallas College (Brookhaven), Dillard University, Morehouse University, Paul Quinn University, Prairie View A&M University, Texas Southern University

• Selected 10 WSIA Diversity Foundation Interns, hosted by seven firms, during the first year of the program. In addition to a competitive hourly wage and learning opportunities for the summer, each student received a $5,000 scholarship to continue their studies at the successful conclusion of the internship.

• Supported eight students and two faculty from Morgan State University, a Historically Black Colleges and University (HBCU), with a grant to cover cost of attendance at the WSIA Extreme Risk Takers Symposium in Atlanta to enhance their understanding of, and interest in, the wholesale, specialty and surplus lines industry.

• Supported Gamma Iota Sigma (GIS) as a Sustaining Partner and its Gamma SAID Initiative (Solutions for Authenticity, Inclusion and Diversity) in their work to cultivate a more diverse talent pipeline for the industry.

• Became a Founding Partner of the GIS Foundation with a $50,000 investment, the purpose of which is to funnel industry contributions directly back to students, lower barriers to entry to our industry, and ensure all students, regardless of means, could be set up for success.

• Became a sponsor of the Emerging Leaders Program, hosted by the University of Southern California, which partners with HBCUs to offer a five-day academic and professional development program on the USC campus followed by a summer internship program to develop risk management leaders.

MEMBER-FOCUSED TALENT RETENTION AND INCLUSIVE CULTURE INITIATIVES

• Launched a partnership with Blue Ocean Brain, a microlearning platform that makes short, interactive videos, games and DE&I lessons available to members.

o The Foundation’s investment initially made monthly content available to all WSIA members, which is also promoted monthly in the WSIA DE&I e-News.

o Full licenses were initially made available to 150 WSIA member firms. That license makes additional content available each week and allows firms to track usage and trends with platform login credentials.

o By year-end, all licenses were assigned, and the Foundation invested in an additional 16,000 licenses allowing all WSIA member firms full access. 95% of license holders report they find the platform intuitive and the content succinct and relevant.

o There were 7,765 pieces of content viewed in the platform during the year.

• Twelve monthly DE&I e-Newsletters were sent to all WSIA member individuals in the membership database, including a link to the Blue Ocean Brain themed content and other relevant news and DE&I resources. Those messages had an average 20.05% open rate.

• Social media banners and monthly themed cultural awareness resources were posted to the WSIA DE&I webpage and promoted in the monthly e-News for members. The resources include videos, podcasts, suggested readings and additional resources for personal education and to use in social media posts throughout the year.

• The Diversity Foundation’s LinkedIn and Twitter followers increased 155% and 166% during the year, with a total of 280 LinkedIn followers and 16 Twitter followers. Social media content is updated there several times a week and ties to monthly themed learning opportunities.

• There were four DE&I webinars offered to members including, Racial Injustice Stops With Me, Ally: What Does it Mean to Be One?, Managing Unconscious Bias and Diversity, and Retaining Diverse Talent.

o Those webinars were viewed by 693 participants.

o Recordings remain on the WSIA website to view on demand.

• WSIA became a CEO Action Signatory. CEO Action is a coalition of more than 2,400 CEOs who have signed a pledge committing to creating more inclusive workplaces. An additional 12 WSIA member firm CEOs have signed on as signatories. A video featuring current signatories was filmed and shared with members as a tool to encourage future commitments.

• Four DE&I Practitioners’ Forums were held during the year with an average of 40 participants from member firms. The forum is a place for practitioners to share best practices to increase employee engagement in DE&I programs and address common challenges.

• Two DE&I sessions were presented during Annual Marketplace with more than 150 attendees. A CEO panel discussed how and why their firms are acting on their commitment to DE&I, and a second moderated panel discussed their perspectives on how to approach DE&I topics to encourage an inclusive mindset.

• WSIA Committee volunteers participated in Unconscious Bias training at the outset of the committee year to improve awareness about how it impacts our interactions with others.

BOARD AND ASSOCIATION GOVERNANCE INITIATIVES

• The Diversity Foundation Board was expanded to include seven new board members, for a total of 13 directors.

• WSIA’s governance and processes were examined with a DE&I lens, which led to updates for the Diversity Foundation’s Mission Statement, adoption of a Diversity Statement for the association and a review of the Code of Ethics, Board Selection Framework and other documents for opportunities to enhance their inclusivity.

• The Diversity Foundation Board drafted and approved a three-year strategic roadmap to guide actionable talent outreach and inclusive workplace development. The roadmap focuses on three pillars of work – Student and Talent Outreach, Member-Focused Inclusive Culture and Association-Focused DE&I — and supporting milestones and success measures.

Diversity Speakers’ Bureau volunteers visited with 243 college students with informational sessions promoting career opportunities during presentations to INROADS and 6 colleges and universities.

WSIA DIVERSITY FOUNDATION

BOARD OF DIRECTORS

• Foundation incorporated

• Six directors appointed to board

• Mission statement drafted

• Initial pledge of $1 million from Amwins

• Director of Diversity, Equity & Inclusion hired

• Diversity Speaker’s Bureau launched

• Social media accounts launched

• Internship/Scholarship Program began

• Internship and Talent Outreach Committees engaged in DE&I work

• Pledged to CEO Action

• DE&I e-Newsletter and education platform launched

• DE&I Practitioners’ Forum begins

• WSIA Diversity Foundation Board expanded to 13 members

• WSIA Diversity Statement, revised Code of Ethics, revised Mission Statement adopted

• 2023-2025 roadmap approved

Carlton Maner, Chair AXIS Atlanta, GA

Brenda (Ballard) Austenfeld RT Specialty Naples, FL

Carey Bond Lloyd’s America Atlanta, GA

Tony Chimera Westfield Specialty Alpharetta, GA

Thurston (TJ) Davis Jr. RT Specialty Birmingham, AL

Gerald Dupre Core Specialty Atlanta, GA

Emma Garner CRC Group New York, NY

Janet Jordan-Foster AXIS New York, NY

Duffy Koller Paragon Excess & Surplus Lines Chicago, IL

Phillip McCrorie RSUI Atlanta, GA

Terrance Meade Amwins Group Birmingham, AL

Jacque Schaendorf Insurance House Atlanta, GA

Molly Shah Amwins Group Charlotte, NC

WSIA DIVERSITY FOUNDATION BALANCE SHEET

WSIA DIVERSITY FOUNDATION INCOME STATEMENT