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With this week marking the Dive In Festival in Australia, Insurance Business spoke with Mark Baxter, ahead of his departure as chief risk officer of QBE.
Despite the traditionally conservative image that the insurance industry can project, Baxter was quick to praise the progress that has occurred around diversity and inclusion in recent years. Educational programmes and greater societal visibility have helped immensely in highlighting the unique challenges faced by LGBTIQ+ employees. Still, he says, there is room for improvement.
“I think different parts of the industry are in different stages of development,” said Baxter. “Larger corporates are moving in that direction quite quickly, in part because shareholders expect that. But for the small broker space in the suburbs, you might not see as much emphasis on diversity and inclusion.”
Baxter noted that there is variety of reasons why businesses may be resistant to change; sometimes it may be a lack of education or awareness, while there are those who are simply stuck in older patterns. Accordingly, wider societal pressure can be leveraged as a positive means of change.
“I know it sounds a bit clichéd, but if brokers want to effectively represent their customers – who come from all across Australia’s population – they’re going to have to be open to different types of people,” said Baxter.
On another level, Baxter noted that diversity is not simply the right thing to do, it also serves a tangible financial purpose.
“The research shows that people who are happier in the workplace work more effectively, and so the business makes more money,” said Baxter. “Diversity makes good business sense.”
Baxter also highlighted the importance of symbolic gestures too, which can serve a greater function than many realise. He points to the Housing Outlook report, which he worked on for QBE last year.
“We made a conscious decision to include a gay couple in the Housing Outlook report,” said Baxter. “Now on the surface, that’s a small thing – but it also serves as a symbol for the customer base as a whole. It’s an opportunity for them to see themselves represented.”
The Dive In Festival finishes in Sydney today.
