The importance of diversity, equity, and inclusion (DEI) has long been a focal point within the world of insurance. However, as the Insurance Cultural Awareness Network (iCAN) has discerned, this critical aspect is often overlooked outside of London and the potential for diversity and inclusion within regional hubs is significant and unexplored.
Tracey Threllfall, head of advisory UK at Aon, echoes this sentiment, stating, “Every organisation should have a diversity and inclusion strategy and implement initiatives to meet established targets across their whole business, regardless of location."
Acknowledging this, iCAN is establishing regional hubs in Birmingham and Manchester. The goal is not just to broaden the geographical reach but to celebrate and embrace the rich diversity that is inherent in these regions. The convenience of digital platforms, while undeniable, cannot replace the value that physical networking and shared spaces bring in terms of fostering genuine relationships and strengthening ties within the community.
While London may be the biggest insurance market globally, DEI challenges are certainly not exclusive to the capital. Regional markets may not share the limelight, but they have their unique DEI challenges that demand our attention and effort. However, one key aspect that varies significantly between London and other regions is the culture of networking – a key determinant for career progression.
As Leon Carford, head of risk & compliance at Atlanta Group, points out,
"Outside of London, the after-work culture is not as well established and so opportunities to meet future colleagues, employers, and mentors are much more limited. Without access to a square mile, towns and cities outside of London need to rely on organised events and organisations to find ways to network and develop their careers."
In the face of such disparity, it becomes imperative to adopt targeted and strategic initiatives. A prime example is Aon’s ‘Work Insights’ programme, which Tracey tells us, “…offers 1,000 work placements annually at seven of [Aon’s] offices including Glasgow, Birmingham, Leeds and Bristol, as well as London, and has been devised to attract students from a diverse range of socio-economic backgrounds to enhance social mobility and career opportunities.”
A diverse and inclusive work environment is pivotal in attracting and retaining talent. According to Sam Franks, the UK regional development manager and head of Birmingham office at Beazley, fostering regional DEI efforts is integral to standing out in the fiercely competitive talent landscape.
"We are facing fierce competition for talent across the insurance industry, and we want to be the first choice for talented young people as they start their careers. We are lucky to have a hub office in Birmingham, which is a highly diverse and dynamic city – and we believe it is important to celebrate and support the local area. This approach helps us to ensure that our employees reflect the diversity of our regional offices and attract the best talent into insurance."
This sentiment was echoed by Jonathan Miller, sales director at Partners&, who stated, “Whilst the London market is the largest and most prominent in the country, there is a wealth of talent and opportunity in major cities such as Birmingham, Manchester, Bristol, Leeds and even Inverness! To focus DEI on the capital and not the entire country would be a missed opportunity and potentially drain these vibrant markets of the diverse local talent that is desperately needed. In fact, given the war on talent an inclusive approach is an imperative.”
The path to celebrating and supporting diversity in regional hubs demands a comprehensive approach. This involves forming alliances with local educational establishments, consistently measuring progress, and conducting a thorough inspection of employee demographics to uncover hidden barriers that impede the progress of underrepresented groups.
Emily Kenna, founder of Sense Risk, is clear on the benefits of cultivating a more diverse workforce, saying, "A diverse workforce is a rich one, with diversity of thought comes opportunity, innovation and progress... I believe success will come from those insurance companies that can see the huge potential that diversity of thought brings to the profitability and future innovation of their business."
As leaders, it is incumbent upon us to nurture an environment that encourages diverse ideas and perspectives. It is vital for us to step out of our comfort zones and empower unconventional ways of working. Failing to do so may stifle innovation, hinder progress, and risk rendering firms outdated in a rapidly evolving world.
In conclusion, prioritising DEI efforts beyond London is not just an ethical choice, but a strategic business necessity, crucial to the future prosperity of the UK's insurance industry. By emphasising diversity in regional markets, we pave the way for innovation, broaden talent pools, and more importantly, foster an environment where everyone feels included, valued, and heard.
If you are keen to learn more about our groundbreaking initiatives and our new regional hubs in Birmingham and Manchester, we invite you to get in touch with us. Your ideas, your voices, and your commitment to fostering DEI in the insurance sector can help us build a more inclusive and equitable future for all.
For more information, visit www.i-can.me
