How to create a successful DE&I program

Insurance Business Australia (IB) interviewed diversity, equity, and inclusion (DE&) professionals to gain a keen understanding of the industry standards for DE&I to identify the companies with the best DE&I initiatives this year.

Heather Price, the founder and co-CEO of Symmetra, highlighted the expectation across the world and industries to implement effective DE&I programs.

“DE&I has become the ‘S’ in the ESG, and this is innovative and important, and many of the organisations now are stepping up because of this upsurge in expectations,” Price told IB. “Overall, the industry will show progress because there’s pressure on those who haven’t had their own initiative, and they’re now getting questions from stakeholders of every kind – this is investors and employees, boards, and society at large – and because they’re getting pressure from stakeholders in all directions, you will see every industry across the globe paying more attention to DE&I and the insurance industry is not an exception.”

What to consider when creating DE&I programs

According to Price, organisations must focus on the following to create and implement a successful DE&I program:

• a clear vision linked to organisational and business strategy;
• executive commitment;
• meaningful ways of measuring diversity and inclusion;
• inclusive leadership capabilities;
• a way to address whether systems, policies, and procedures are inclusive;
• a means of ensuring middle management and frontline workers adopt the agenda; and
• consistently providing a safe space for employees.

Discover the winners of the 2023 5-Star DE&I special report and what made their DE&I programs stand out now.