Insurance Business UK (IBUK) has recognised several companies for their outstanding commitment to diversity, equity, and inclusion (DE&I) in 2024.
A report from recruitment firm Finitas highlights the critical nature of DE&I initiatives, noting that a lack of supportive workplace culture can increase employee turnover by a factor of 10. Additionally, disengagement and absenteeism can lead to an estimated £36 billion in annual costs for UK employers.
IBUK’s 5-Star DE&I winners were acknowledged for their efforts in cultivating inclusive work environments.
To identify the leading DE&I programs in the UK insurance industry, Insurance Business undertook a comprehensive evaluation.
The selection process began with inviting companies to detail their DE&I initiatives from the previous year. Over a 15-week period, the research team conducted in-depth interviews with DE&I professionals to understand industry benchmarks and assess the success of various programs. Feedback was also collected from employees to evaluate the practical impact of these initiatives.
Companies that scored 4 or higher on a scale of 1 to 5 were recognised for their 5-Star DE&I programs.
One of the UK insurance companies with the best DE&I initiatives this year is Arch Insurance International, a branch of Arch Capital Group Ltd (ACGL).
The company has experienced significant expansion since 2019, tripling its gross written premiums. As of March 31, 2024, its annual GWP stood at $22.1 billion, with growth observed across all regions.
The company’s brand promise, “Pursuing Better Together”, encapsulates its focus on collaboration, agility, and continuous enhancement.
Another winner this year is Flood Re, a collaborative effort between the UK government and the insurance industry. It aims to make flood insurance more accessible and affordable.
In April 2022, the organisation introduced the “Build Back Better” initiative, which incorporates property resilience features into flood repairs to reduce future risks and costs.
You can learn more about the featured winners by clicking the links above, or see the rest of the list of winners this year by reading the IBUK 5-Star DE&I 2024 special report.
