Most Diverse Insurance Companies in Australia and NZ |
5-Star DE&I Initiatives

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Making insurance better

Insurance Business celebrates the most progressive insurance companies in Australia and New Zealand, a group of forward-thinking organisations that have embedded diversity, equity and inclusion (DE&I) into their corporate culture.

Employees’ ratings of the notable nominees ultimately garnered the market leaders a 5-Star DE&I award for their top-down commitment to creating inclusive and supportive workplaces, fostering a workforce that reflects the communities they serve, and aligning their actions with strategic pillars.

According to Yhana Lanwin, CEO and founder of Sans Prejudice Solutions, the standout DE&I programs are those that:

• link leading and lagging indicators of DE&I interventions with strategic business metrics
   

• include metrics such as customer satisfaction, customer retention, profitability, and environmental, social and governance performance
   

• create a business case and mandate for DE&I that is self-sustaining
   

• establish intrinsic recognition of DE&I’s benefits to drive a continuous improvement model 

“We’re getting to the limits of good intentions and broad policy and leadership commitments,” says Lanwin. “Regarding DE&I in insurance in 2024, robust, scientifically based methodologies are required to trial and test specific initiatives for quantifiable impact. So, this year, inclusive and equitable work design, workplace, systems and tools design should be priorities.”

At two of Australia’s award-winning insurance companies, the emphasis has shifted from diversity metrics into the inclusion and equity space, a component of future-forward DE&I initiatives underscored as crucial by expert Lanwin.
 

Arch Insurance Australia

With a focus on specific objectives tied to its colleagues, customers and culture, Arch Insurance Australia prioritises listening to employees and addressing what matters most to them.

The leadership team believes the best initiatives come from employees, a testament to the formation of networking groups and tools designed to assist them in collaboratively creating an inclusive culture. 

The Arch experience is a set of 14 behaviours and competencies the company promotes to set it apart from competitors.

“Employees seek different approaches for their circumstances,” explains Oriana Korban, senior HR business partner. “There is no one blanket approach that suits everyone.”

Arch’s 5-Star DE&I recognition stems from:

• 93% overall employee satisfaction rating

• a multi-pronged approach encompassing education, networking, role modelling and continuous improvement

• leading-edge programs such as Fostering Inclusive Leadership, curated by Yale School of Management, that expands outlooks, reinforces patterns and promotes behavioural change

The most diverse insurance company is proud that its team members represent contrasting backgrounds, perspectives and demographics. Employees are encouraged to explore their horizons and build allyship while being provided with equal opportunities to learn and grow.
 

“When joining Arch, each employee is treated the same and provided equal opportunities to learn and grow”
Oriana KorbanArch Insurance Australia

Achieving diversity excellence

Employees rated the company in IB’s survey across seven key metrics, including netting top scores in the following:

• “People from all backgrounds have equal opportunities for success”

• “I would recommend the company to a friend or colleague from an underrepresented group”

Korban says, “Our leaders truly value our people as the company’s strength. We understand how important it is to welcome different perspectives, learn from others, be open-minded and curious.”

Regarding Arch’s dedication to promoting diversity and inclusion within their organisation, employee respondents noted:

• “There are courses available to anyone who wants them, and all managers are required to complete a leadership course, which includes DE&I.”

• “Arch ensures employees from all backgrounds are welcomed, included and part of the Arch family. From personal experience, Arch has allowed me to express my personality, views and ideologies in a non-judgmental and open environment.”

Aon Australia

For over a decade, the 5-Star DE&I award winner has fostered an environment where diversity is visible, valued and sustained. The unique background, skills and creativity that each employee brings to the workplace contribute to a vibrant culture driving success.

“Our colleagues are at the core of everything we do, and our commitment to them is essential to how we operate as a firm,” says Deb Gibson, client director and chair of the Inclusive Business Resource Group. “Our vision is to create a workplace that recognises and values the unique qualities, experiences and contributions of all colleagues, where every individual feels more connected, relevant and valued.”

That approach complements the company’s expanding network of business resource groups, operated by a cohort of passionate employees who help inform the discussion around diversity and inclusion and bring important learnings and topics to the broader employee base.

Upon reflecting on the prestigious recognition, Aon Australia CEO Jennifer Richards says, “This award is a testament to our purpose to shape decisions for the better, to protect and enrich the lives of colleagues, clients and communities worldwide.”

She continues, “Colleagues achieve their potential when they feel a sense of belonging and are free to bring their authentic selves to work, and we know diverse and inclusive teams deliver better insights and solutions for clients.”

“We’ve embedded diversity and inclusion throughout our firm, so inclusion is in everything we do; it’s the way we work and it’s the way we interact with each other”
Deb GibsonAon Australia

Valuing every employee

Aon Australia’s achievement as a 5-Star DE&I employer is driven by:

• 84% overall employee satisfaction rating

• leadership-driven initiatives, such as the Global Inclusive Leadership Council, sponsored by the CEO and CPO, a regional I&D sub-committee, and executive leadership teams who drive actions to increase diversity

• an aspirational goal of 50/50 gender representation across all levels by 2025

An employee respondent noted, “Aon does a huge amount of work, company-wide and for individuals, to broaden their knowledge around DE&I.” 

Survey participants also rated the company highly across time-tested metrics, with top marks given in the following categories:

• “I know who and where to go to if I need to report inappropriate behaviour based on diversity”

• “I feel like my personal beliefs and traditions are respected at my company”

“Our DE&I strategy is underpinned by our global inclusive people leadership strategy, which guides our approach and calls on all colleagues to model inclusive people leadership,” Gibson adds. “We ensure our colleagues are aware of our programs and support services, and we endeavour to mark and recognise traditions and beliefs relevant to our colleagues throughout the year.”

Aon’s industry-leading approach to DE&I is demonstrated through various programs, including the inclusive hire program, which all managers must complete before beginning the hiring process, and the compulsory unconscious bias training and respect at work sessions, ensuring all employees feel comfortable to bring their authentic selves to work.
 

One of the most significant challenges to implementing DE&I initiatives across a range of industries is a backlash, according to expert Lanwin.

“A strategic push for more diverse, equitable and inclusive workplaces has been translated into a single metric – female participation,” she says. “The unintended consequence of this gross oversimplification of a real strategic business opportunity is both women and men feeling disengaged at work, with increases in workplace bullying, incivility and a decrease in staff retention and engagement rates.”

Another noteworthy observation of the past 12 months is the inaugural release of the WGEA data into the gender pay gap, showing the Australian insurance and superannuation industry’s median total remuneration gender pay gap of 26.1%. Lanwin notes this is significantly higher than the national average of 19% and a concern, given that the sector has almost 60% female representation.

“This is equal to an average of women in the industry being paid $37,011 less per year than male colleagues,” she says. “With this being the first year the data has gone public, there has been a significant uptick in the industry of policies and supports for flexible working, parental leave and strategies to close the gender pay gap.”

Many of this year’s survey respondents commented on this recent research, noting that addressing this identified pay gap should be an essential part of any DE&I strategy.

Regarding the DE&I pushback perceived in various industries, Arch’s Gibson says, “The company believes that encouraging a variety of viewpoints supports better decision-making and innovation.”

She adds, “My recommendation to discuss DE&I strategies is to incorporate commercial thinking. Inclusive practices and well-prepared and delivered diversity programs not only support employees’ wellbeing, increase engagement and employees’ satisfaction, but also expand their perspective. These changes ultimately support retention, development and decision-making, all directly related to business growth.”