In recent years, there has been a growing emphasis on diversity, equity, and inclusion (DE&I) initiatives in the insurance industry. This shift reflects a broader recognition that DE&I is not only a social responsibility but also a business imperative.
As such, organizations that are able to attract, retain, and develop diverse talent are more likely to succeed in an increasingly complex and competitive global marketplace.
This is according to Jodie Kaufman Davis, executive vice president and board member at H.W. Kaufman Group, who went over key developments in the DE&I space during an interview with IBTV.
Discussing the progress made by the insurance industry concerning DE&I initiatives, Kaufman Davis pointed to the growing diversity of audiences at industry events and the increasing integration of DE&I into recruiting and marketing strategies.
“We have a long way to go, but we have definitely gotten started,” she said. “DE&I has become more a part of what we’re doing as opposed to just being compartmentalized into these specific strategies.”
Kaufman Davis said DE&I is especially critical today since one of the biggest challenges facing insurance is a talent shortage.
To address this issue, organizations need to expand their recruiting efforts beyond traditional channels and be open to hiring candidates with diverse backgrounds and experiences.
“Part of the challenge has been that 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.”
As Kaufman Davis noted, many businesses are still finding it difficult to attract and retain diverse talent, particularly in areas where there has been historical underrepresentation.
This is due, in part, to unconscious bias and the tendency to hire people who are similar to those already on the team.
“People often are attracted to work with others like them and so that kind of perpetuates the status quo,” she said.
To overcome these challenges, Kaufman Davis said leaders must be willing to be more vulnerable and share their own stories. By doing so, they can create a culture that values diversity and encourages individuals to bring their whole selves to work.
She specifically spoke of the establishment of employee resource groups at H.W. Kaufman Group, which provide a platform for people to share information about themselves and connect with others who have similar experiences or want to be allies.
“We’ve seen individuals share personal stories where, before this, they would not have done so,” Kaufman Davis said. “It’s really empowered people to be a part of something and also to work across groups and offices to really make a difference.”
Watch the full interview for more of Kaufman Davis’ insights on DE&I in the insurance industry.
