Lloyd’s of London, which last year announced a series of signature actions aimed at driving cultural change, has now published its Culture Dashboard which is designed to transparently track the marketplace’s collective journey towards a much more inclusive environment.
Informed by market participant data, as well as findings from the largest culture survey undertaken in the insurance sector in 2019, the Culture Dashboard will be updated annually to serve as an evolving representation of the market’s progress across key culture indicators.
At present, only 52% of market firms can provide data on ethnicity and other characteristics, such as disability and sexual orientation. The centuries-old exchange said it will now be asking all market firms to collect and provide this information, which will be used as a measure against which Lloyd’s will hold itself accountable.
The second annual culture survey will be conducted in October.
“Last year, we committed to building a much more inclusive market – one that we are all deeply proud to be part of, and one that welcomes and represents the diversity of our customers globally,” said Lloyd’s chief executive John Neal. “In the corporation, we have achieved parity in less than two years and we are all the better for it.
“While we have put in place a series of actions to accelerate change, it is abundantly clear that we have much work to do and we must be impatient in our resolve to get there. The corporation will continue to do more in leading the market on all aspects of inclusion.”
Aside from the dashboard’s rollout, a gender target for the market has also been set. The short-term goal is 35% female representation in leadership positions – board, executive committee (ExCo), and ExCo direct report – to be achieved by December 31, 2023. Boards and ExCos combined will also be expected to achieve at least 20% female representation by that time.
As for new market entrants, the expectation is for them to meet the targets on arrival.
Leading by example, the Lloyd’s Corporation noted that 47% of its leadership roles are filled by women.
“Creating an inclusive and high-performing culture is fundamental to the future success of our marketplace,” commented Fiona Luck, Lloyd’s board member and non-executive director in charge of talent and culture. “To get there we must be brave in our actions to accelerate change, and transparent in how we measure our progress and hold ourselves to account.
“The setting of a gender target, with a commitment to parity in the next decade, together with presenting an honest view of our starting point, represents an important step towards that critical goal.”
Meanwhile Lloyd’s is also focussing on improving the collection of ethnicity data and other characteristics to come up with a market target for ethnicity in the second quarter of 2021.
