The insurance industry is in the midst of a talent shortage that necessitates a different approach to recruitment and retention.
That is according to Jodie Kaufman Davis, executive vice president and board member at H.W. Kaufman Group, who recently spoke to Insurance Business about the role of DE&I initiatives in filling up the industry’s dwindling talent pool.
Traditionally, the industry has leaned towards recruiting individuals who mirror the existing workforce, Kaufman Davis said, but this approach stifles growth and innovation.
“We’ve continued or consistently recruited people like us,” she said. “And if we only stay where we’re comfortable, we have an inability to progress.”
Kaufman Davis also highlighted how leveraging DE&I initiatives isn’t just good for increasing the talent pool.
“As an insurance industry, we’re serving the whole world, we’re not serving only specific populations, and we need to be representative in our talent pool,” she said.
In addressing barriers within the industry, Kaufman Davis said companies must pivot away from conventional methods.
She said one way to open the door for individuals who aren’t typically represented in the industry is by creating an environment where they can feel valued and included.
“As leaders, one of the things we can do is really be vulnerable, share our own stories, and encourage others to do so,” she said, pointing to programs that have been implemented by the Kaufman Group.
One such program centres on employee resource groups, which serve as platforms for employees to connect based on shared demographics, interests, or allyship.
“People often are attracted to work with others like them and so that kind of perpetuates the status quo,” said Kaufman Davis. “We have to think outside the box and really go beyond our comfort zones.”
Hear more of Jodie Kaufman Davis’ insights on the role of DE&I initiatives in the insurance industry by watching her full IBTV interview.
